Updated Jan 28, 2026
Jacob Landau And Michael Melnicke Refinance Multifamily Buildings In Brownsville Brooklyn For $6.1M
517 Saratoga Avenue & 519 Saratoga Avenue
$6,100,000
$472/SF
Building Size
6,458 SF
Asset Type
MultiFamily
Closing
Jan 21, 2026
About this deal
AI
The asset involved in this transaction comprises two nine-unit residential buildings located at 517 Saratoga Avenue and 519 Saratoga Avenue in the Brownsville market of Brooklyn. The multifamily buildings have a combined building square footage of 10,006 and a total square footage of 6,458.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,100,000
- Lender: Grasshopper Bank
- Landlord: Jacob Landau & Michael Melnicke
- Loan Type: Refinance
- Previous Debt: $4,900,000 held by Toorak Capital Partners
Jacob Landau and Michael Melnicke, representatives of 519 Saratoga LLC, executed the refinancing of the two residential buildings, replacing their earlier debt with the new loan from Grasshopper Bank.
On the Map
$6,100,000
$472/SF
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.60%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93