Glen Bessner Acquires Mixed-Use Building In South Slope, Brooklyn For $1.75M
461 7th Avenue, South Slope, Brooklyn, NY, USA
$1,750,000
$729/SF
Building Size
2,400 SF
Asset Type
Mixed-use
Closing
Oct 28, 2021
About this deal
AI
A fully vacant, renovated mixed-use building located at 461 7th Avenue in South Slope, Brooklyn has been sold in a recent transaction. The property was listed for sale without a broker until it was exclusively listed by The Brennan Team of Marcus & Millichap. The sale was facilitated by brokers John Brennan and Matt Dittmeier, who represented the buyer and seller respectively.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $1,750,000
- Square Footage: 2,400
- Price Per Square Foot: $729
- Market: South Slope, Brooklyn
The buyer in this transaction is Glen Bessner, while the seller is Jim Devereux. The Brennan Team's efforts to secure the exclusive listing resulted in a successful sale to a motivated buyer. The property was ultimately purchased by a 1031 exchange buyer who was willing to pay a premium for the quality of the fully vacant, renovated building.
Note: The property was previously on the market without a broker before The Brennan Team took over the exclusive listing.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
Loading comparables…
Deal FAQ
Visit Matt Dittmeier to view all their deals.
Browse New York mixed use sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.06%
Cash-on-Cash
-2.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93