The Zito Family Acquires Mixed-Use Building In Park Slope For $6.4M
SOLD
$6,400,000
New York
See Similar DealsMixed-use6,290 SF
Sold 05/26/2020
SOLD
The Zito Family Acquires Mixed-Use Building In Park Slope For $6.4M
317-327 7th Avenue, Brooklyn, NY, USA
See Similar DealsMixed-use6,290 SF
Sold 05/26/2020
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,017
Total Square Footage:6,290 SF
Transaction Type:Sale
This mixed-use property located at 317-327 7th Avenue in Park Slope has been sold for $6,400,000. The building spans 6,290 square feet, with a price per square foot of $1,018.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $6,400,000
- Market: Park Slope
- Buyer: The Zito Family
- Seller: Slope Realty
- Brokers: Adam Hess & Edward Setton (Team HessBK - Meridian Investment Sales) and Shamir Seidman (Meridian Capital Group)
- Date: 05/26/2021
The Zito Family purchased this property from Slope Realty, with the assistance of brokers Adam Hess, Edward Setton, and Shamir Seidman. The transaction involved financing at 75% loan-to-value, and Seidman also helped the buyer refinance two other nearby properties.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$341,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$22,737.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,339.27
Annual Debt Service$364,071.18
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