Moses Scharf Acquires Midwood Multifamily On Ocean Parkway For $5.5M
SOLD
$5,518,000
New York
See Similar DealsMultiFamily14,330 SF
Sold 06/28/2020
SOLD
Moses Scharf Acquires Midwood Multifamily On Ocean Parkway For $5.5M
1296 Ocean Parkway, Midwood, Brooklyn, NY 11230, USA
See Similar DealsMultiFamily14,330 SF
Sold 06/28/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$385
Total Square Footage:14,330 SF
Transaction Type:Sale
The multifamily property located at 1296 Ocean Parkway in Midwood has been sold. The transaction took place on June 28, 2021. The property was sold by Joseph Esrail to Moses Scharf for a total price of $5,518,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,518,000
- Address: 1296 Ocean Parkway
- Market: Midwood
The property consists of 7 units, with a per unit price of $788,286. The total square footage is 14,330, resulting in a price per square foot of $385.
Representing the buyer, Moses Scharf, was the law firm of Jeffrey Zwick & Associates, PC. The seller, Joseph Esrail, was represented by Michael Arounian, Esq. and Avi Arounian, Esq. Jeffrey A. Shalom from Cushman & Wakefield served as the broker for the transaction.
For further inquiries and information about other opportunities in Brooklyn, interested parties can reach out to Jeffrey A. Shalom. He can be contacted at (718) 307-6558 or via email at [email protected].
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$294,293.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$19,604.30
Cash-on-Cash Return-1.27%
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Annual Debt Service$313,897.62
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