Ari Zagdanski’s Kinsmen Property Group Acquires Mixed Use Asset In East Village For $23M
6264 3rd Avenue, Brooklyn, NY 11220
$23,000,000
$1,533/SF
Building Size
15,000 SF
Asset Type
Mixed-use
Closing
Aug 12, 2018
About this deal
AI
The mixed-use property located at 62 & 64 Third Avenue in East Village has been sold for a total of $23,000,000. The property, which spans approximately 15,000 square feet, was purchased by Ari Zagdanski’s Kinsmen Property Group. The sale is significant because the property had not changed hands for over 100 years. Jakobson Properties, the seller, is known for owning over 50 properties in Manhattan and rarely divesting their assets. It is worth mentioning that Jakobson Properties represented themselves in this transaction.
Summary of Transaction Details
- Property Type: Mixed Use
- Transaction Amount: $23,000,000
- Address: 62 & 64 Third Avenue, East Village
- Market: East Village
- Square Footage: 15,000
- Price Per Square Foot: $750
Itan Rahmani of @VCPRE acted as the buyer's broker for Kinsmen Property Group in the transaction.
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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93