Shoaib Qureshi Acquires Mixed-Use Property In East New York For $935K
1577 Pitkin Avenue, Brooklyn, New York 11212, United States
$935,000
$667/SF
Building Size
1,400 SF
Asset Type
Mixed-use
Closing
Mar 31, 2022
About this deal
AI
A mixed-use property located at 1577 Pitkin Ave. in East New York has been sold for $935,000. The property spans 1,400 square feet, resulting in a price per square foot of $667. The sale took place on 04/01/2022.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $935,000
- Address: 1577 Pitkin Ave.
- Market: East New York
- Square Footage: 1,400
The buyer of the property is Shoaib Qureshi, while the seller is Samuel Suede. Representing the buyer is Frederick Betesh from Tri State Commercial Realty, and Chandler Slate, also from Tri State Commercial Realty, is the seller's representative. Tri-State Commercial Realty recently expanded its firm to include a commercial sales division, leveraging their company-wide knowledge, training, technology, and relationships to offer a unique perspective and strategy in advising clients. [email protected] and [email protected] are the contact details for Frederick Betesh and Chandler Slate, respectively.
Note: Tri-State Commercial Realty is known for its award-winning Brooklyn leasing team and has now ventured into commercial property sales, continuing to deliver results in a transparent and professional manner.
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
16.97%
Cash-on-Cash
-4.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93