East Group Capital Acquires Mixed-Use Property In Boerum Hill, Brooklyn For $4.15M
328 Atlantic Ave, Brooklyn, NY 11201, USA
$6,492,830
$508/SF
Building Size
12,772 SF
Asset Type
Mixed-use
Closing
Jul 6, 2020
About this deal
AI
A mixed-use property located at 328 Atlantic Ave in Boerum Hill, Brooklyn has been involved in a recent closed transaction. The property, which spans 12,772 square feet, consists of 5 units. The deal was supported by a loan provided by Bayport Funding in the amount of $6,492,830. The property's landlord is East Group Capital.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $6,492,830
- Address: 328 Atlantic Ave
- Market: Boerum Hill, Brooklyn
- Square Footage: 12,772
- Units: 5
It is worth noting that East Group Capital purchased this building for $4.15 million in 2019. Furthermore, the developer plans to add 4 additional floors to the property.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93