TerraCRG Brokers $1.7M Sale Of Mixed-use Property In Brooklyn
499 3rd Ave, New York, NY 10016, USA
Building Size
2,280 SF
Asset Type
Mixed-use
Closing
Feb 7, 2018
About this deal
AI
The mixed-use property located at 499 3rd Avenue in Brooklyn, New York has been sold for a total price of $1,700,000. The property has a price per square foot of $717 and a price per unit of $566,666. With a cap rate of 5%, this transaction represents a significant investment opportunity in the Brooklyn market.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $1,700,000
- Price per Square Foot: $717
- Price per Unit: $566,666
- Cap Rate: 5%
The seller of the property is Silvershore Properties, represented by David Shorenstein and Jason Silverstein. The buyer is Leo Novik, and the brokerage firm involved in the transaction is TerraCRG, represented by Adam Hess and Edward Setton.
On the Map
Mixed-use
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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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93