Updated Oct 29, 2024
Joe Cohen Acquires Multifamily Property In Brooklyn's Sheepshead Bay For $2.6M
1247 Avenue V, Brooklyn, NY 11229, USA
$2,600,000
$236/SF
Building Size
11,000 SF
Asset Type
MultiFamily
Closing
Jun 12, 2019
About this deal
AI
The multifamily property located at 1247 Avenue V in Brooklyn's Sheepshead Bay neighborhood was recently sold in a closed transaction. The property spans an impressive 11,000 square feet and was fully occupied at the time of the sale.
Summary of Transaction Details
- Property Type: Multifamily
- Asking Price: $2,600,000
- Sale Price: $2,600,000
- Price per Square Foot: $236
- Market: Brooklyn, Sheepshead Bay
The seller, Rosenberg Associates represented by Serge Rosenberg, successfully closed the deal with the buyer, Joe Cohen. The transaction was facilitated by Marcel Fridman of Barcel Group as the broker for the seller.
It is worth noting that the property was sold at a 4% cap rate, indicating a favorable investment opportunity for the buyer.
Players
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
6.10%
Cash-on-Cash
-1.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93