Highpoint Property Group Acquires Mixed Use Property In Brooklyn Heights For $16.05M
86-88 Atlantic Ave, Ozone Park, NY 11416, USA
$16,050,000
$45/SF
Building Size
350,000 SF
Asset Type
Mixed-use
Closing
Nov 8, 2018
About this deal
AI
The mixed-use property located at 86-88 Atlantic Avenue, 90 Atlantic Avenue, and 92 Atlantic Avenue in Brooklyn Heights has been sold for a total price of $16,050,000. The property comprises 35,000 square feet and has a price per square foot of $458. The seller of the property was Vernon Starr, while the buyer was 88-92 Atlantic Avenue Property Owner LLC – Highpoint Property Group, represented by their broker Thorofare Capital.
Summary of transaction details
- Property Type: Mixed Use
- Transaction Amount: $16,050,000
- Loan Amount: $15,000,000
- Square Footage: 35,000
- Market: Brooklyn Heights
Highpoint Property Group, represented by Thorofare Capital, acquired the property from Vernon Starr. The deal was facilitated by 88-92 Atlantic Avenue Property Owner LLC's broker, Thorofare Capital. More information regarding the transaction is not available.
Players
Ozone Park 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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93