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Stephen Simonov Acquires Multifamily Property In Boerum Hill For $5.27M

Property Image
SOLD
$5,270,000
Leslie Davidson
Jeremiah Doyle
+ 1

New York

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MultiFamily4,217 SF
Sold 09/24/2021
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Property Image
SOLD

Stephen Simonov Acquires Multifamily Property In Boerum Hill For $5.27M

385 Atlantic Avenue, Brooklyn, New York 11217, United States

See Similar Deals
MultiFamily4,217 SF
Sold 09/24/2021
Leslie Davidson
Jeremiah Doyle
+ 1
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,249
Total Square Footage:4,217 SF
Transaction Type:Sale

A multifamily property located at 385 Atlantic Avenue in Boerum Hill has been sold for $5,270,000. The property has a building square footage (BSF) of 7,148 and a price per BSF (PPBSF) of $737. The total square footage (SF) of the property is 4,217, with a price per square foot (PPSF) of $1,249. The property is zoned R7A, DB, C2-4 and has a floor area ratio (FAR) of 2.36. The tax class of the property is 2A and it has a lot size of 1,787 square feet. The previous sale price of the property was $1,325,000 in February 3, 2005. The property has received an alteration permit on April 30, 2015, marked as Alteration 2. The lot dimensions are 22.33 feet by 80 feet.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $5,270,000
  • Market: Boerum Hill
  • Zoning: R7A, DB, C2-4

Stephen Simonov has purchased the property from Barbara Moore. The transaction was facilitated by the brokers Josh Doyle, Jeremiah Doyle, Mary Ellen Cashman, and Leslie Davidson from Compass.

Players

Josh Doyle
3 deals$14.4M volume(917) 279-4969
BROKER

Jeremiah Doyle
Compass
1 deal$5.3M volume
BROKER

Mary Ellen Cashman
Compass
1 deal$5.3M volume
BROKER

Leslie Davidson
Compass
1 deal$5.3M volume
BROKER

Details

SOLD
IMAGE: Josh Doyle, Jeremiah Doyle, Mary Ellen Cashman & Leslie Davidson DATE:09/24/2021 ADDRESS: 385 Atlantic Avenue MARKET: Boerum Hill ASSET TYPE: Multifamily ~ ZONING: R7A, DB, C2-4 BUYER: Stephen Simonov SELLER: Barbara Moore BROKER: Josh Doyle, Jeremiah Doyle, Mary Ellen Cashman & Leslie Davidson - Compass PRICE: $5,270,000 BSF: 7,148 ~ PPBSF: $737 SF: 4,217 ~ PPSF: $1,249 FAR: 2.36 TAX CLASS: 2A LOT SIZE: 1,787 LAST SALE PRICE: $1,325,000 (2/3/2005) PERMITS: Alteration 2 (04/30/2015) LOT DIMENSION: 22.33 ft x 80 ft

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

$281,066.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,723.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,982.49
Annual Debt Service$299,789.86