Updated Dec 21, 2023
Dominick Palumbo Acquires Multifamily Property On Bay Ridge Pkwy, Dyker Heights For $2.55M
1469 Bay Ridge Pkwy, Brooklyn, NY, USA
$2,550,000
$241/SF
Building Size
10,580 SF
Asset Type
MultiFamily
Closing
Feb 9, 2021
About this deal
AI
A multifamily property located at 1469 & 1471 Bay Ridge Pkwy in Dyker Heights has been sold for a total price of $2,550,000. The property consists of 12 units and spans across 10,580 square feet. The price per unit was $212,500, while the price per square foot was $241. With a Gross Rent Multiplier (GRM) of 11.14x and a Capitalization Rate (CAP) of 5.51%, this transaction highlights the financial performance of the property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,550,000
- Units: 12
- Price per Unit (PPU): $212,500
- Square Footage: 10,580
- Price per Square Foot (PPSF): $241
- Gross Rent Multiplier (GRM): 11.14x
- Capitalization Rate (CAP): 5.51%
Dominick Palumbo acquired the property from Rita Giura. The transaction was facilitated by John Brennan and Samuel Finkler from Marcus & Millichap's New York office.
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
6.22%
Cash-on-Cash
-1.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93