Edward Ostad Acquires Sunset Park Multifamily For $8.1M With Brokers Mark Zarrella & Shaun Riney
579 61st Street, Brooklyn, New York 11220, United States
$8,125,000
$262/SF
Building Size
30,936 SF
Asset Type
MultiFamily
Closing
Dec 21, 2021
AI
A multifamily property located at 579 61st Street in Sunset Park has been sold for a total of $8,125,000. The property consists of 44 units with an average price per unit of $185,000. The total square footage of the property is 30,936, with a price per square foot of $263. The sale took place on December 21, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,125,000
- Address: 579 61st Street, Sunset Park
- Market: Sunset Park
- Buyer: Edward Ostad
- Brokers: Mark Zarrella & Shaun Riney - Marcus & Millichap
- Units: 44
- Price per Unit: $185,000
- Total Square Footage: 30,936
- Price per Square Foot: $263
The deal was facilitated by brokers Mark Zarrella and Shaun Riney from Marcus & Millichap. They represented the buyer, Edward Ostad, in the transaction.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.95%
Cash-on-Cash
-0.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93