Updated Dec 21, 2023
Carter Martin Acquires Crown Heights Apartment For $4.75M
1148 Pacific Street, Brooklyn, New York 11216, United States
$4,750,000
$701/SF
Building Size
6,768 SF
Asset Type
MultiFamily
Closing
Apr 7, 2022
About this deal
AI
Located at 1148 Pacific Street in Crown Heights, Brooklyn, this apartment building was recently sold in a closed transaction. The property is zoned as R6A and features a floor area ratio (FAR) of 2.82. The lot dimension measures 20 ft x 120 ft, providing ample space for residents.
Summary of transaction details
- Property Type: Apartment
- Transaction Amount: $4,750,000
- Building Square Footage: 6,768
- Price Per Square Foot: $701
- Price Per Buildable Square Foot: $659
- Tax Class: 2B
The buyer, Carter Martin, acquired the property from Cheskel Pames. This transaction represents a significant increase in value compared to the last sale price of $420,000 on May 26, 2015. Alteration 2 permits were issued on May 18, 2017. The deal was facilitated by Carter Martin's representative from an undisclosed agency.
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.34%
Cash-on-Cash
-0.95%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93