Mike Niamonitakis Acquires Multifamily Property In Carrol Gardens, Brooklyn For $9M
SOLD
$9,000,000
+ 3
New York
See Similar DealsMultiFamily24,253 SF
Sold 08/28/2020
SOLD
Mike Niamonitakis Acquires Multifamily Property In Carrol Gardens, Brooklyn For $9M
356 Union St, Brooklyn, NY 11231, USA
See Similar DealsMultiFamily24,253 SF
Sold 08/28/2020
+ 3
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$371
Total Square Footage:24,253 SF
Transaction Type:Sale
A multifamily property in Carrol Gardens, Brooklyn has been sold for $9,000,000. The property, located at 356-360 Union Street, offers a total of 36 units spread across 24,253 square feet. The sale price per square foot was $371, and the price per unit was $250,000. The property has a capitalization rate of 5.52%. The transaction took place on August 28, 2020.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $9,000,000
- Address: 356-360 Union Street
- Market: Carrol Gardens, Brooklyn
Mike Niamonitakis was the buyer of this property, while Ilan Goldstein was the seller. The deal was facilitated by brokers Peter Von Der Ahe, Shaun Riney, Mike Salvatico, and Mark Zarrella.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$480,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10
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