Updated Oct 29, 2024
NYCB Provides $1.69M Acquisition Loan For Multifamily Property In East New York, Brooklyn
240 New Jersey Avenue
$1,691,000
$144/SF
Building Size
11,712 SF
Asset Type
MultiFamily
Closing
Apr 17, 2023
About this deal
AI
Located at 240 New Jersey Ave in East New York, Brooklyn, this multi-family property is a noteworthy asset in the real estate market. With a square footage of 11,712, the property consists of 16 units, making it an attractive investment opportunity.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,691,000
- Lender: NYCB
- Landlord: Garib Family
- Brokers: William Watkins & Zachary Fuchs - GFI Realty
Notably, the acquisition of this property was made possible through a loan provided by NYCB. The Garib Family serves as the landlord, overseeing the management and operation of the property. Representing the parties involved in this deal are William Watkins and Zachary Fuchs of GFI Realty.
On the Map
$1,691,000
$144/SF
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.38%
Cash-on-Cash
-2.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93