Chris Lee Acquires Mixed Use Property On 7th Avenue In Park Slope, Brooklyn
228 7th Ave, Brooklyn, NY 11215, USA
$5,047,000
$70/SF
Building Size
72,000 SF
Asset Type
Mixed-use
Closing
Nov 19, 2019
About this deal
AI
A mixed-use property located at 228 7th Avenue in Park Slope, Brooklyn has been sold in a closed transaction. The property consists of 8 units and spans over an area of 7,200 square feet. The asking price for the property was $5,250,000, and it was eventually sold for $5,047,000. This translates to a price per square foot of $700.97. The transaction involved the seller, Peter & George Sherwin, and the buyer, Chris Lee. The property was marketed by Shaun Riney & Mark Zarrella, brokers from Marcus & Millichap.
Summary of transation details
- Property Type: Mixed Use
- Transaction Amount: $5,047,000
- Address: 228 7th Avenue, Park Slope, Brooklyn
- Market: Park Slope, Brooklyn
- Square Footage: 7,200 SF
- Price Per Square Foot: $700.97
- Units: 8
- Seller: Peter & George Sherwin
- Buyer: Chris Lee
- Brokers: Shaun Riney & Mark Zarrella - Marcus & Millichap
Shaun Riney & Mark Zarrella from Marcus & Millichap played a significant role in facilitating the transaction. They represented both the seller, Peter & George Sherwin, and the buyer, Chris Lee, ensuring a smooth deal. The sale price of $5,047,000 and the overall value of the property showcase the success of their efforts in closing the transaction.
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
3.14%
Cash-on-Cash
-0.90%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93