Updated Dec 21, 2023
Frank Picone Acquires Multifamily Property On 19th Street In Brooklyn, South Slope For $1.625M
278 19th St, Brooklyn, NY 11215, USA
$1,625,000
$45/SF
Building Size
36,000 SF
Asset Type
MultiFamily
Closing
Dec 5, 2019
About this deal
AI
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.
Players
New York 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
9.76%
Cash-on-Cash
-2.79%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93