Xian Zhang Acquires Mixed-Use Property On Belvidere Street In Bushwick, Brooklyn For $3.5M
31 Belvidere Street, Brooklyn, NY 11206, USA
$3,750,000
$1,063/SF
Building Size
3,526 SF
Asset Type
Mixed-use
Closing
Apr 11, 2021
About this deal
AI
A mixed-use property located at 31 Belvidere Street in Bushwick, Brooklyn has been sold for $3,500,000. The property spans 3,526 square feet and has a price per square foot of $992. The buyer, Xian Zhang of Birds Of A Feather BK, acquired the property from Jalisa An. The transaction was facilitated by broker Nathan Horne of Horne Team.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $3,500,000
- Address: 31 Belvidere Street, Bushwick, Brooklyn
- Market: Bushwick, Brooklyn
- Buyer: Xian Zhang of Birds Of A Feather BK
- Seller: Jalisa An
- Broker: Nathan Horne of Horne Team
Congratulations to Birds Of A Feather BK, the perfect buyers for this remarkable and beautiful building. The property, which was recently featured in the NY Times, will be renovated to its full potential while respecting its existing beauty. The commercial branch of the Horne Team underwent an extensive process involving zoning architects and attorneys to obtain a 74-711 special permit from the LPC and DCP. Despite the challenges, the property was ultimately sold at a good price for the owners.
The Horne Team had a successful week with multiple closings, contracts, and accepted offers totaling $26.5M. They also have two new listings available. For any inquiries, you can contact Nathan Horne at Nathan.Horne@Compass.Com or 706-255-5657.
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
4.23%
Cash-on-Cash
-1.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93