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20 Verandah Place, Cobble H...

Updated Dec 21, 2023

Edward G Raffo Acquires Two Family Property In Cobble Hill, Brooklyn For $3.25M
SOLDMultiFamily

Edward G Raffo Acquires Two Family Property In Cobble Hill, Brooklyn For $3.25M

20 Verandah Place, Cobble Hill, Brooklyn, NY, USA

$3,250,000

$1,411/SF

Building Size

2,302 SF

Asset Type

MultiFamily

Closing

Mar 8, 2021

About this deal

AI

A two-family property located at 20 Verandah Place in Cobble Hill, Brooklyn has been sold in a recent transaction. The property was originally a one-family home and has been converted into a two-family dwelling. It falls under the B3 asset type and is zoned as R6 and LH-1.

Summary of transaction details:

  • Property Type: Two Family Converted from One Family (B3)
  • Transaction Amount: $3,250,000
  • Market: Cobble Hill, Brooklyn
  • Buyer: Edward G Raffo
  • Seller: Jay B Ringel

The property has a building square footage (BSF) of 2,991 with a price per BSF (PPBSF) of $1,086. The total square footage (SF) is 2,302, with a price per square foot (PPSF) of $1,411. The FAR (Floor Area Ratio) is 1.87, and the tax class is 1.

The lot size of the property is 1,231. The previous sale of the property took place on April 10, 2018, with a sale price of $3,500,000. On April 3, 2019, permits were issued for an alteration of type 1. The lot dimensions are 24.5 ft x 50.25 ft.

Players

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $1.4K per square foot on a published $3.3M for 2,302 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.88%

Cash-on-Cash

-1.39%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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