ERG Commercial Real Estate Provides $2.8M Acquisition Financing For Brooklyn Multifamily Property
624 E. 17th Street
$2,800,000
$444/SF
Building Size
6,300 SF
Asset Type
MultiFamily
Closing
Feb 10, 2023
AI
The multifamily property located at 624 E. 17th Street in Brooklyn has undergone a recent transaction. The property spans approximately 6,300 square feet and consists of 6 units. The acquisition of this property has been facilitated through a loan provided by ERG Commercial Real Estate.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,800,000
- Address: 624 E. 17th Street
- Market: Brooklyn
- Lender: ERG Commercial Real Estate
- Landlord: Albert Dweck & Steven Ancona
- Brokers: Frank Stanislaski & Jack Subers - Progress Capital
- Loan Type: Acquisition
Frank Stanislaski and Jack Subers from Progress Capital represented the parties involved in this transaction.
Players
New York 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
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93