Partners Path Acquires Mixed Use Property In Greenpoint For $2.8M
SOLD
$2,800,000
+ 1
New York
See Similar DealsMixed-use4,875 SF
Sold 06/29/2022
SOLD
Partners Path Acquires Mixed Use Property In Greenpoint For $2.8M
89 Driggs Avenue, Brooklyn, New York 11222, United States
See Similar DealsMixed-use4,875 SF
Sold 06/29/2022
+ 1
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$574
Total Square Footage:4,875 SF
Transaction Type:Sale
A mixed-use property located at 89 Driggs Ave. in Greenpoint has been sold for a price of $2,800,000. The property consists of 6 units with an average price per unit of $466,667. The total square footage is 4,875, resulting in a price per square foot of $574. The sale was completed on June 29, 2022.
Summary of transaction details:
- Property Type: Mixed Use
- Transaction Amount: $2,800,000
- Address: 89 Driggs Ave.
- Market: Greenpoint
The buyer of the property is Partners Path, represented by Alex Lebowitz and Billy Haddad. The seller is the Wenzel Family. On behalf of the buyer, Michael Sherman from Baseline Real Estate Advisors facilitated the transaction, while John Ricco from KW Commercial represented the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$149,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,947.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,273.43
Annual Debt Service$159,281.14
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