Frank Picone Acquires Multifamily Property On 19th Street In Brooklyn, South Slope For $1.625M
SOLD
$1,625,000
New York
See Similar DealsMultiFamily36,000 SF
Sold 12/06/2019
SOLD
Frank Picone Acquires Multifamily Property On 19th Street In Brooklyn, South Slope For $1.625M
278 19th St, Brooklyn, NY 11215, USA
See Similar DealsMultiFamily36,000 SF
Sold 12/06/2019
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$45
Total Square Footage:36,000 SF
Transaction Type:Sale
The multifamily property located at 278 19th Street in Brooklyn, South Slope has been sold in a closed transaction. The property spans over 3,600 square feet and consists of 6 units. The asking price for the property was $2,000,0000, and it was ultimately sold for $1,625,000. This translates to a price per square foot of $451 and a price per unit of $270,833.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,625,000
- Address: 278 19th Street, Brooklyn, South Slope
- Square Footage: 3,600
The seller of the property was Dennis Brody, and the buyer was Frank Picone. Representing the deal was broker John Brennan from Marcus & Millichap. It is worth noting that the property is a free market frame building with plans for a gut rehab.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$86,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,773.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,703.33
Annual Debt Service$92,439.95
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