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Artlife Development Acquires Mixed-Use Property In Williamsburg For $3.2M

Property Image
SOLD
$3,200,000
Luke Sproviero
Justin Zeitchik
+ 5

New York

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Mixed-use6,600 SF
Sold 03/20/2019
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Property Image
SOLD

Artlife Development Acquires Mixed-Use Property In Williamsburg For $3.2M

253 Bushwick Ave, East Williamsburg, Brooklyn, NY, USA

See Similar Deals
Mixed-use6,600 SF
Sold 03/20/2019
Luke Sproviero
Justin Zeitchik
+ 5
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$484
Total Square Footage:6,600 SF
Transaction Type:Sale

Located at 253 Bushwick Ave in Williamsburg, this mixed-use property consists of 6 apartments and 2 stores. The property was recently sold for a price of $3.2 million, with a total area of 6,600 square feet. This translates to a price per square foot of $485, making it a valuable asset in the market.

Summary of transaction details

  • Property Type: Mixed-Use (6 Apartments & 2 Stores)
  • Transaction Amount: $3.2 million
  • Market: Williamsburg
  • Buyer: Artlife Development - Guy Peleg
  • Seller: Aulder Capital - Mike Zito

The sale of this property was facilitated by multiple brokers. Michael Guttman and Aaron Jungreis from Rosewood Realty Group NY, along with Derek Bestreich, Luke Sproviero, Donal Flaherty, Justin Zeitchik, and Hakeem Lecky from BRG_CRE, played instrumental roles in the transaction. This collaboration highlights the expertise and effort put in by these individuals and companies to ensure a successful deal.

Players

Aaron Jungreis
202 deals$4.3B volume(212) 359-9900
BROKER

Derek Bestreich
Investment Property Realty Group (IPRG)
312 deals$1.1B volume(718) 360-8802
BROKER

Hakeem Lecky
Investment Property Realty Group (IPRG)
31 deals$91M volume
BROKER

Justin Zeitchik
Investment Property Realty Group (IPRG)
50 deals$254.9M volume(718) 360-8827
BROKER

Donal Flaherty
Investment Property Realty Group (IPRG)
101 deals$367.7M volume(718) 360-8823
BROKER

Luke Sproviero
Investment Property Realty Group (IPRG)
222 deals$848.7M volume
BROKER

Michael Guttman
Rosewood Realty Group
17 deals$174.9M volume
BROKER


Aulder Capital
SELLER

Details

SOLD
IMAGE: Derek Bestreich, Michael Guttman, Luke Sproviero, Hakeem Lecky, Justin Zeitchik, Aaron Jungreis, Donal Flaherty DATE: 03/20/2019 ADDRESS: 253 Bushwick Ave MARKET: Williamsburg ASSET TYPE: Mixed-Use (6 Apartments & 2 Stores) BUYER: Artlife Development – Guy Peleg SELLER: Aulder Capital – Mike Zito BROKERS: @rosewoodrealtygroupny – Michael Guttman & Aaron Jungreis. @brg_cre – Derek Bestreich, Luke Sproviero, Donal Flaherty, Justin Zeitchik, Hakeem Lecky SALE PRICE: $3.2M SF: 6,600 ~ PPSF: $485

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$170,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,368.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,169.63
Annual Debt Service$182,035.59