Updated Oct 29, 2024
Meridian Properties Acquires 16-Unit Multifamily In Prospect Lefferts Gardens For $2.5M
177 Lenox Rd, Brooklyn, NY 11226, USA
$2,500,000
$13/SF
Building Size
192,000 SF
Asset Type
MultiFamily
Closing
Jan 14, 2020
About this deal
AI
The multifamily property located at 177 Lenox Road in Prospect Lefferts Gardens was recently sold for a total of $2,500,000. The property spans across 19,200 square feet, resulting in a price per square foot of $130. This multifamily asset consists of 16 units in total, with an average price per unit of $156,250.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $2,500,000
- Square Footage: 19,200
- Price per Square Foot: $130
- Number of Units: 16
- Price per Unit: $156,250
The seller of the property was Samuel Gay, while the buyer was Meridian Properties represented by Mike Niamonitakis. The deal was facilitated by Erik Rodriguez of Rodriguez Commercial Realty (@rcr_ny).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93