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The Park Family Acquires Multifamily Property In Brooklyn For $12.2M

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SOLD
$12,225,000

New York

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MultiFamily13,800 SF
Sold 08/02/2018
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Property Image
SOLD

The Park Family Acquires Multifamily Property In Brooklyn For $12.2M

390 South 2nd Street, Brooklyn, NY 11211

See Similar Deals
MultiFamily13,800 SF
Sold 08/02/2018
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$885
Total Square Footage:13,800 SF
Transaction Type:Sale

The multifamily property located at 390 South 2nd Street in Brooklyn has been sold for a total price of $12,225,000. The property spans across 13,800 square feet, resulting in a price per square foot of $886. It consists of 19 units, with each unit being valued at approximately $645,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $12,225,000
  • Street Address: 390 South 2nd Street
  • Market: Brooklyn
  • Total Square Footage: 13,800
  • Price per Square Foot: $886
  • Number of Units: 19

The buyer in this transaction is The Park Family, while the seller is the Cielawak Family Partnership. The deal was facilitated by Rami Polinsky and Sean Lefkovits of @HPNY_, who represented both the buyer and the seller as brokers.

Players

10 deals$42.4M volume
BROKER

Sean Lefkovits
12 deals$62.6M volume
BROKER

Details

SOLD
IMAGE: Sean Lefkovits & Rami Polinsky DATE: 08/2/2018 ADDRESS: 390 South 2nd Street MARKET: Brooklyn ASSET TYPE: Multifamily BUYER: The Park Family SELLER: Cielawak Family Partnership BROKERS: Rami Polinsky (@Ramip5) and Sean Lefkovits (@4lefko) of @HPNY_ represented both sides of the transaction. PRICE: $12,225,000 SF: 13,800 ~ PPSF: 886 UNITS: 19 ~ PPU: $645,000

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

$652,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$43,432.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$57,952.74
Annual Debt Service$695,432.84