New Empire Corp Acquires Industrial & Retail Property In Flatbush, Brooklyn For $18M
SOLD
New York
See Similar DealsIndustrial21 SF
SOLD
New Empire Corp Acquires Industrial & Retail Property In Flatbush, Brooklyn For $18M
21 Lenox Road, Brooklyn, New York 11226, United States
See Similar DealsIndustrial21 SF
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$857,142
Total Square Footage:21 SF
Transaction Type:Sale
The property involved in this closed transaction is located at 21 Lenox Road in Flatbush, Brooklyn. The property also includes 765 & 757 Flatbush Avenue. It is classified as an industrial and retail asset. The sale of this property took place on October 24, 2022.
Summary of transaction details
- Property Type: Industrial & Retail
- Transaction Amount: $18,000,000
- Buyer: New Empire Corp - Bentley Zhao
- Seller: Steven Neuman
New Empire Corp, represented by Bentley Zhao, acquired the property from Steven Neuman. The sale price for this transaction was $18,000,000. The building has a total square footage of 108,052, with a price per square footage of $167. Additionally, the property has a smaller area of 21,861 square feet, with a price per square footage of $823.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$960,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20
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