David Horowitz Acquires Mixed-use Property In East New York, Brooklyn For $2.7M
2178 Pitkin Avenue, Brooklyn, New York 11207, United States
$2,700,000
$331/SF
Building Size
8,150 SF
Asset Type
Mixed-use
Closing
May 8, 2022
About this deal
AI
Located in East New York, Brooklyn, the mixed-use property at 2178-2182 Pitkin Ave. has been sold in a recent transaction. The property, spanning 8,150 square feet, was purchased by David Horowitz from Muhammad Andha. The sale, facilitated by Scott Plasky and Alex Arustamian of Plasky Retail Group, as well as Matthew Peters of Marcus & Millichap, concluded at a price of $2,700,000, resulting in a price per square foot of $331.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $2,700,000
- Buyer: David Horowitz
- Seller: Muhammad Andha
- Brokers: Scott Plasky, Alex Arustamian - Plasky Retail Group; Matthew Peters - Marcus & Millichap
- Address: 2178-2182 Pitkin Ave.
- Market: East New York, Brooklyn
- Square Footage: 8,150
- Price per Square Foot: $331
The successful transaction was led by David Horowitz as the buyer, while Muhammad Andha acted as the seller. Brokers involved in the deal included Scott Plasky and Alex Arustamian from Plasky Retail Group, as well as Matthew Peters from Marcus & Millichap. This sale represents an opportunity for the new owner to capitalize on the property's prime location and mixed-use potential.
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
5.88%
Cash-on-Cash
-1.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93