Updated Oct 28, 2024
Valley National Bank Refinances Multifamily Property On Ocean Avenue For $21.9M
2633 Ocean Avenue, Brooklyn, New York 11229, United States
$21,937,000
$417/SF
Building Size
52,558 SF
Asset Type
MultiFamily
Closing
Aug 23, 2022
About this deal
AI
Rybak Development and Natalia Sorkin, represented by Sergey Rybak, have refinanced their multifamily property located at 2633 Ocean Avenue in the Sheepshead Bay market. The property spans 52,558 square feet and consists of 60 units. The loan, provided by Valley National Bank and Declan Meagher, amounts to $21,937,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $21,937,000
- Address: 2633 Ocean Avenue
- Market: Sheepshead Bay
- Square Footage: 52,558
- Units: 60
- Landlord: Rybak Development & Natalia Sorkin - Sergey Rybak
- Lender: Valley National Bank - Declan Meagher
This refinancing deal was facilitated by Declan Meagher from Valley National Bank, providing financial support for Rybak Development and Natalia Sorkin's property at 2633 Ocean Avenue. Sergey Rybak represents Rybak Development and Natalia Sorkin in this transaction.
On the Map
$21,937,000
$417/SF
MultiFamily
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93