@DaveanHoldings Acquires Mixed-Use Property In Cobble Hill, Brooklyn For $5.55M
131 Smith St, Brooklyn, NY 11201, USA
$5,550,000
$93/SF
Building Size
59,500 SF
Asset Type
Mixed-use
Closing
Feb 19, 2020
AI
The mixed-use property located at 131 Smith Street in Cobble Hill, Brooklyn has been sold. The property spans 5,950 square feet and was purchased for a total of $5,550,000. The transaction took place off-market and the building is currently 100% occupied. The sale price reflects a going-in Cap Rate of 5.3%.
Summary of Transaction Details
- Property Type: Mixed-use
- Sale Price: $5,550,000
- Square Footage: 5,950
- Address: 131 Smith Street
- Market: Cobble Hill, Brooklyn
The seller of the property was Lorraine Gerrity, while the buyers were Sean Lefkovits, David Lloyd, and Lance Lefkovits of Davean Holdings. Representing the buyers in the deal was Rich Velotta from Team Velotta.
Players
New York 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
2.86%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93