Updated Oct 29, 2024
Barberry Rose Mgmt Acquires Multifamily Property In East Flatbush, Brooklyn For $6.5M
488 Rockaway Pkwy, East Flatbush, Brooklyn, NY, USA
$650,000
$21/SF
Building Size
30,000 SF
Asset Type
MultiFamily
Closing
Mar 17, 2019
About this deal
AI
A multifamily property located at 488 Rockaway Pkwy in East Flatbush, Brooklyn has been sold for $6.5 million. The building spans approximately 30,000 square feet, resulting in a price per square foot of $216. The transaction took place on March 18, 2019.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6.5M
- Address: 488 Rockaway Pkwy
- Market: East Flatbush, Brooklyn
The seller of the property was the Silverstein Family, while the buyer was Barberry Rose Management represented by Lewis Barbanel. The deal was facilitated by Jeffrey Znaty of Kassin Sabbagh Realty. Notably, the building was delivered with a 30% vacancy rate. The property had been under the same ownership for over 50 years.
On the Map
$650,000
$21/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
24.40%
Cash-on-Cash
-6.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93