Berish Wagschal Acquires Mixed-Use Property In Flatbush, Brooklyn For $1.2M
1640 Nostrand Ave. Brooklyn, NY 11226, USA
$1,200,000
$384/SF
Building Size
3,120 SF
Asset Type
Mixed-use
Closing
Jun 7, 2023
About this deal
AI
The mixed-use property located at 1640 Nostrand Avenue in Flatbush, Brooklyn has been sold for $1,200,000. The property consists of 2 apartments and 1 store, with a total square footage of 3,120. The sale price per square foot was $385. The transaction took place on June 7, 2023.
Summary of transation details
- Property Type: Mixed-Use (2 Apts & 1 Store)
- Transaction Amount: $1,200,000
- Address: 1640 Nostrand Avenue, Flatbush, Brooklyn
- Square Footage: 3,120
The buyer of the property was Berish Wagschal, while Novelette Gooden was the seller. The deal was facilitated by the brokers Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila from Investment Property Realty Group (IPRG). It is worth noting that the property was delivered vacant and has an additional 4,731 square feet of air rights.
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
13.22%
Cash-on-Cash
-3.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93