Joseph Lichtman Purchases Mixed-Use Property In Prospect-Lefferts-Gardens For $1.3M - IPRG Brokers Involved
1193 Nostrand Avenue
$1,300,000
$393/SF
Building Size
3,300 SF
Asset Type
Mixed-use
Closing
Aug 30, 2022
About this deal
AI
The mixed-use property located at 1193 Nostrand Ave. in Prospect-Lefferts-Gardens has been sold in a transaction facilitated by Investment Property Realty Group (IPRG). The property was sold for a price of $1,300,000. The property spans a total area of 3,300 square feet, resulting in a price per square foot of $393.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $1,300,000
- Address: 1193 Nostrand Ave., Prospect-Lefferts-Gardens
- Market: Prospect-Lefferts-Gardens
The buyer in this transaction is Joseph Lichtman, while the seller is Dorothy Hutchinson. The deal was negotiated by Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila from Investment Property Realty Group (IPRG).
It is worth mentioning that the property was delivered vacant. The location on Nostrand Ave., a wide street, is zoned R6 with an FAR of 3, allowing for an additional 2,700 square feet of redevelopment potential.
On the Map
$1,300,000
$393/SF
Mixed-use
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Players
Brooklyn Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
12.20%
Cash-on-Cash
-3.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93