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The Abeco Organization Acquires Mixed-Use Property In Ft. Greene, Brooklyn For $4M

Property Image
SOLD
$4,000,000

New York

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Mixed-use7,600 SF
Sold 08/15/2023
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Property Image
SOLD

The Abeco Organization Acquires Mixed-Use Property In Ft. Greene, Brooklyn For $4M

36 St Felix St Brooklyn, NY 11217, USA

See Similar Deals
Mixed-use7,600 SF
Sold 08/15/2023
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$526
Total Square Footage:7,600 SF
Transaction Type:Sale

The property at 36 St. Felix Street in Ft. Greene, Brooklyn was recently sold in a transaction. It is a mixed-use property comprising of 5 apartments and 1 commercial space. The sale took place on 08/15/2023, with a sale price of $4,000,000. The total square footage of the property is 7,600, resulting in a price per square foot of $526. Furthermore, the property consists of 6 units, with an average price per unit of $666,667. The cap rate for the transaction is 6.2%.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $4,000,000
  • Square Footage: 7,600
  • Price per Square Foot: $526
  • Number of Units: 6
  • Price per Unit: $666,667
  • Cap Rate: 6.2%

The buyer of the property is The Abeco Organization, represented by Abe Betesh. The deal was facilitated by Adam J Hess and Edward Setton of the Meridian Capital Group.

Players

Edward (Eddie) Setton
55 deals$251.4M volume
BROKER

Adam J Hess
Sterling Property Group NY
57 deals$251.4M volume
BROKER

Abe Betesh
7 deals$52.6M volume
BUYER

Details

SOLD
IMAGE: Adam J Hess, Abe Betesh & Edward Setton DATE: 08/15/2023 ADDRESS: 36 St. Felix Street MARKET: Ft. Greene, Brooklyn ASSET TYPE: Mixed-use (5 Apartments & 1 Commercial Space) BUYER: The Abeco Organization - Abe Betesh BROKERS: Adam J Hess (@TeamHessBK) & Edward Setton - Meridian Capital Group (@Meridian.Capital.Group) SALE PRICE: $4,000,000 SF: 7,600 ~ PPSF: $526 UNITS: 6 ~ PPU: $666,667 CAP RATE: 6.2% ,Brooklyn

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

$213,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$14,211.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,962.04
Annual Debt Service$227,544.49