Faiz Alzoobaee Acquires Mixed Use Property In Brooklyn For $3.2M
401 5th Ave, New York, NY 10016, USA
$3,200,000
$187/SF
Building Size
17,048 SF
Asset Type
Mixed-use
Closing
Nov 28, 2020
About this deal
AI
A mixed-use property located at 401 5th Avenue in Park Slope, Brooklyn has been sold in a closed transaction. The property consists of three apartments and one store, offering a diverse range of potential uses.
Summary of transaction details
- Property Type: Mixed Use – 3 Apts & 1 Store
- Address: 401 5th Avenue (corner 7th Street)
- City: New York
- Market: Brooklyn
- Neighborhood: Park Slope
- Price: $3,200,000
- Cap Rate: 4.05%
- GRM: 19.5x GRM
- PPSF: $645/sf
- Seller: Louis Meyer
- Buyer: Faiz Alzoobaee
- Broker: BRG | @BestreichRealtyGroup – Adam Lobel, Luke Sproviero and Derek Bestreich
The deal was facilitated by Adam Lobel, Luke Sproviero, and Derek Bestreich of BRG, representing the buyer and seller in this transaction. With a strong presence in the Park Slope area, BRG has successfully closed the deal between Louis Meyer, the seller, and Faiz Alzoobaee, the buyer.
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
4.96%
Cash-on-Cash
-1.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93