Updated Feb 16, 2024
New York Community Bank Provides $7.3M Loan For Multifamily Property At 590 Ocean Avenue - Flatbush
590 Ocean Avenue, Little Caribbean, Brooklyn, NY, USA
$7,290,000
$103/SF
Building Size
70,566 SF
Asset Type
MultiFamily
Closing
Feb 22, 2021
About this deal
AI
The multifamily property located at 590 Ocean Avenue in the Flatbush market has recently undergone a loan transaction. The lender, New York Community Bank, provided a loan amount of $7,290,000 for this property. The landlord of the property is Israel Weinberger. The property spans a total area of 70,566 square feet and comprises 65 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,290,000
- Address: 590 Ocean Avenue
- Market: Flatbush
- Square Footage: 70,566
- Units: 65
- Lender: New York Community Bank
- Landlord: Israel Weinberger
The loan transaction for the multifamily property at 590 Ocean Avenue was facilitated by New York Community Bank. Israel Weinberger serves as the landlord in this deal.
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
2.18%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93