Ram P Chadha Acquires Hotel On Atlantic Avenue In Bedford-Stuyvesant, Brooklyn For $6.02M
SOLD
$6,025,000
New York
See Similar DealsHotel19,816 SF
Sold 05/04/2021
SOLD
Ram P Chadha Acquires Hotel On Atlantic Avenue In Bedford-Stuyvesant, Brooklyn For $6.02M
1199 Atlantic Avenue, Bedford-Stuyvesant, Brooklyn, NY, USA
See Similar DealsHotel19,816 SF
Sold 05/04/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$304
Total Square Footage:19,816 SF
Transaction Type:Sale
A hotel located at 1199 Atlantic Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn was recently sold for $6,025,000. The property spans a total of 19,816 square feet, resulting in a price per square foot of $304. The transaction took place on May 4, 2021.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $6,025,000
- Address: 1199 Atlantic Avenue
- Market: Bedford-Stuyvesant, Brooklyn
- Square Footage: 19,816
- Price per Square Foot: $304
The buyer in this transaction was Ram P Chadha, while the seller was Meyer Bodner. The hotel was last sold for $3,000,000 in February 2006.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$321,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,405.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,561.57
Annual Debt Service$342,738.89
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