Meridian Properties Acquires Multifamily Property In Prospect-Lefferts Garden, Brooklyn For $6.1M
SOLD
$6,100,000
+ 3
New York
See Similar DealsMultiFamily12,792 SF
Sold 10/30/2019
SOLD
Meridian Properties Acquires Multifamily Property In Prospect-Lefferts Garden, Brooklyn For $6.1M
242 Hawthorne St, Brooklyn, NY 11225, USA
See Similar DealsMultiFamily12,792 SF
Sold 10/30/2019
+ 3
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$476
Total Square Footage:12,792 SF
Transaction Type:Sale
The multifamily property located at 242-244 Hawthorne Street in Prospect-Lefferts Garden, Brooklyn, has been sold in a closed transaction. The property consists of 14 units and spans a total of 12,792 square feet. The transaction took place on October 30, 2019.
Summary of transaction details
- Property Type: Multifamily
- Asking Price: $6,500,000
- Sale Price: $6,100,000
- Price per Square Foot: $476
- Number of Units: 14
- Price per Unit: $435,714
- Seller: Deutsch Equity – Mendel Deutsch
- Buyer: Meridian Properties – Michael Niamonitakis
- Brokers: Bestreich Realty Group (BRG) - Derek Bestreich, Steve Reynolds, and Tom Reynolds
The seller of the property was Deutsch Equity, represented by Mendel Deutsch. The buyer, Meridian Properties, was represented by Michael Niamonitakis. The deal was facilitated by the brokers from Bestreich Realty Group (BRG) - Derek Bestreich, Steve Reynolds, and Tom Reynolds.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$325,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,672.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,917.11
Annual Debt Service$347,005.34
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