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Mann Group Acquires Mixed-Use Property In Brooklyn's Williamsburg For $4.35M

Property Image
SOLD
$4,350,000
Robert Moore
Bryan Kirk
EM

New York

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Mixed-use4,400 SF
Sold 08/15/2019
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Property Image
SOLD

Mann Group Acquires Mixed-Use Property In Brooklyn's Williamsburg For $4.35M

126 Bedford Avenue, Williamsburg, Brooklyn, NY, USA

See Similar Deals
Mixed-use4,400 SF
Sold 08/15/2019
Robert Moore
Bryan Kirk
EM
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$988
Total Square Footage:4,400 SF
Transaction Type:Sale

Mixed-use property located on the corner of Bedford Avenue and North 10th Street in Brooklyn, Williamsburg has been sold for a price of $4,350,000. The property spans 4,400 square feet, resulting in a price per square foot of $988. The transaction took place on August 15, 2019.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $4,350,000
  • Address: 126 Bedford Avenue
  • Market: Brooklyn, Williamsburg
  • Buyer: Mann Group - Eric Mann & Eitan Ernest
  • Seller: James Nickel & Joyce Leung
  • BROKERS: Robert Moore & Bryan Kirk - B6 Real Estate Advisors

The property consists of five residential apartments situated above one retail space. At the time of sale, the property was delivered vacant, providing the buyers with a unique opportunity for redevelopment or leasing.

Players

Bryan Kirk
Matthews
Bryan Kirk
24 deals$113.8M volume(313) 402-0917
BROKER
Robert Moore
Matthews
Robert Moore
10 deals$80M volume(631) 807-4131
BROKER
EM
Eric Mann
12 deals$78.4M volume
BUYER
MG
Mann Group
BUYER

Details

SOLD
IMAGE: Robert Moore & Bryan Kirk DATE: 08/15/2019 ADDRESS: 126 Bedford Avenue MARKET: Brooklyn, Williamsburg ASSET TYPE: Mixed-use SELLER: James Nickel & Joyce Leung BUYER: Mann Group - Eric Mann & Eitan Ernest BROKERS: Robert Moore & Bryan Kirk - B6 Real Estate Advisors SALE PRICE: $4,350,000 SF: 4,400 ~ PPSF: $988 NOTE: Mixed-use property on the corner of Bedford Avenue and North 10th Street | 5 residential apartments over one retail space | Delivered vacant at closing.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$232,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$15,454.62
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,621.22
Annual Debt Service$247,454.63