Updated Dec 18, 2023
Pankaj Prasad Acquires Multifamily Property In Flatbush/Brooklyn For $14.3M
1900 Newkirk Ave, Brooklyn, NY 11226, USA
$14,300,000
$346/SF
Building Size
41,310 SF
Asset Type
MultiFamily
Closing
Jul 30, 2019
About this deal
AI
Two multifamily properties located at 1900 Newkirk Avenue and 1815 Beverley Road in the Flatbush neighborhood of Brooklyn have been sold in a closed transaction. The properties have a combined total square footage of 41,310 square feet for 1900 Newkirk Avenue and 21,000 square feet for 1815 Beverley Road. The sale price for the properties was $14,300,000, with an asking price of $15,500,000. The price per square foot for the properties is $346.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $14,300,000
- Seller: Mark Mehlman
- Buyer: Pankaj Prasad
- Buyer’s Rep: Nadeem Haque
- Seller’s Rep: George Niblock
- Address: 1900 Newkirk Avenue, 1815 Beverley Road
- Market: Flatbush/Brooklyn
- Square Footage: 41,310 (1900 Newkirk), 21,000 (1815 Beverley)
- Price per Square Foot: $346
Nadeem Haque represented the buyer, Pankaj Prasad, in the transaction. George Niblock served as the seller's representative. The sale of these multifamily properties marks a significant deal in the Flatbush/Brooklyn market.
On the Map
$14,300,000
$346/SF
MultiFamily
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Brooklyn 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
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93