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Isaac Kassab Acquires Multifamily Property In Gravesend, Brooklyn For $4.5M

Property Image
SOLD
$4,500,000

New York

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MultiFamily3,060 SF
Sold 01/14/2022
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Property Image
SOLD

Isaac Kassab Acquires Multifamily Property In Gravesend, Brooklyn For $4.5M

1992 East 2nd Street, Brooklyn, New York 11223, United States

See Similar Deals
MultiFamily3,060 SF
Sold 01/14/2022
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,470
Total Square Footage:3,060 SF
Transaction Type:Sale

The multifamily property located at 1992 East 2 Street in Gravesend, Brooklyn has been sold. This property, zoned R4 and OP, boasts a lot size of 3,000 square feet, with dimensions measuring 30 feet by 100 feet. The transaction took place on January 14, 2022, and the property's market value is $4,500,000. It has a building square footage (BSF) of 2,250, equating to a price per BSF (PPBSF) of $2,000. The total square footage is 3,060, resulting in a price per square foot (PPSF) of $1,470. The floor area ratio (FAR) for this property is 1.02, and it falls under tax class 1.

Summary of Transaction Details

  • Property Type: Multifamily
  • Transaction Amount: $4,500,000
  • Address: 1992 East 2 Street, Gravesend, Brooklyn
  • Market: Gravesend, Brooklyn
  • Zoning: R4, OP
  • BSF: 2,250
  • PPBSF: $2,000
  • SF: 3,060
  • PPSF: $1,470
  • FAR: 1.02
  • Tax Class: 1
  • Lot Size: 3,000
  • Lot Dimension: 30 ft x 100 ft

The buyer for this transaction is Isaac Kassab, while the sellers are Habib Tawil and Lily Tawil.

Players

2 deals$6.8M volume
SELLER

Details

SOLD
IMAGE: 01/14/2022 ADDRESS: 1992 East 2 Street MARKET: Gravesend, Brooklyn ASSET TYPE: Multifamily ~ ZONING: R4, OP BUYER: Isaac Kassab SELLER: Habib Tawil & Lily Tawil PRICE: $4,500,000 BSF: 2,250 ~ PPBSF: $2,000 SF: 3,060 ~ PPSF: $1,470 FAR: 1.02 TAX CLASS: 1 LOT SIZE: 3,000 LOT DIMENSION: 30 ft x 100 ft

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$240,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$15,987.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,332.30
Annual Debt Service$255,987.55