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Michael P. Neamonitakis Acquires Prospect Park South Apartment From Anna Stern For $7.4M

Property Image
SOLD
$35,250,000
Sebastian Altilio
Matt Fotis
+ 1

New York

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MultiFamily167,000 SF
Sold 07/01/2019
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Property Image
SOLD

Michael P. Neamonitakis Acquires Prospect Park South Apartment From Anna Stern For $7.4M

1745 Caton Ave, Brooklyn, NY 11226, USA

See Similar Deals
MultiFamily167,000 SF
Sold 07/01/2019
Sebastian Altilio
Matt Fotis
+ 1
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$211
Total Square Footage:167,000 SF
Transaction Type:Sale

The property located at 36 Crooke Avenue in Prospect Park South, Brooklyn has been sold in a closed transaction. This apartment building is zoned as an R7A and features a total of 52,400 square feet. The sale took place on February 28, 2022, with a transaction price of $7,400,000. The price per buildable square foot (PPBSF) is $141, while the price per square foot (PPSF) is $143. The total floor area ratio (FAR) for the property is 3.94, and it falls under tax class 2. The lot size measures 13,100 square feet, with dimensions of 97 ft x 125 ft. An alteration permit was issued on November 1, 2017.

Summary of transaction details

  • Property Type: Apartment
  • Transaction Amount: $7,400,000
  • Market: Prospect Park South, Brooklyn
  • Buyer: Michael P. Neamonitakis
  • Seller: Anna Stern

The buyer, Michael P. Neamonitakis, purchased the property from the seller, Anna Stern. The deal was facilitated by their respective representatives. This transaction showcases the demand for properties in the Prospect Park South neighborhood and highlights the potential of this apartment building as an investment.

Players

Matt Fotis
111 deals$598M volume(212) 430-5234
BROKER

Sebastian Altilio
Marcus & Millichap
5 deals$49.3M volume
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Tyler Workman
8 deals$115.5M volume
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10 deals$110.8M volume
BROKER

Details

SOLD
IMAGE: 02/28/2022 ADDRESS: 36 Crooke Avenue MARKET: Prospect Park South, Brooklyn ASSET TYPE: Apartment ~ ZONING:R7A BUYER: Michael P. Neamonitakis SELLER: Anna Stern PRICE: $7,400,000 BSF: 52,400 ~ PPBSF: $141 SF: 51,614 ~ PPSF: $143 FAR: 3.94 TAX CLASS: 2 LOT SIZE: 13,100 PERMITS: Alteration 3 (11/01/2017) LOT DIMENSION: 97 ft x 125 ft

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

$1,879,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$125,235.81
Cash-on-Cash Return-1.27%
Monthly Debt Service$167,102.98
Annual Debt Service$2,005,235.80