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Israel Gold Acquires Apartment Building In Bushwick For $3.35M

Property Image
SOLD
$2,500,000

New York

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MultiFamily6,278 SF
Sold 08/07/2019
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Property Image
SOLD

Israel Gold Acquires Apartment Building In Bushwick For $3.35M

18A Bleecker St, Brooklyn, NY 11221, USA

See Similar Deals
MultiFamily6,278 SF
Sold 08/07/2019
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$398
Total Square Footage:6,278 SF
Transaction Type:Sale

An apartment building located at 59 Grove Street in Bushwick, Brooklyn, has been sold in a recent transaction. The property, situated in an R6 zoning district, features a total building area of 8,505 square feet and a price per buildable square foot of $393. The sale price for the property was $3,350,000, with a total square footage of 8,995 and a price per square foot of $372.

Summary of transaction details:

  • Property Type: Apartment
  • Transaction Amount: $3,350,000
  • Market: Bushwick, Brooklyn
  • Zoning: R6
  • Buyer: Israel Gold
  • Seller: Joel Waldman
  • Building Area: 8,505 square feet
  • Price per Buildable Square Foot: $393
  • Total Square Footage: 8,995
  • Price per Square Foot: $372
  • FAR: 2.57
  • Tax Class: 2
  • Lot Size: 3,500 square feet
  • Permits: Alteration 1 (11/01/2012)
  • Lot Dimension: 40 ft x 87.5 ft

The buyer of the property is Israel Gold, while the seller is Joel Waldman. The lot size of the property is 3,500 square feet, and it is classified under tax class 2. The property has a FAR (Floor Area Ratio) of 2.57 and obtained an alteration permit on November 1, 2012. The lot dimension measures 40 feet by 87.5 feet.

Players

3 deals$11.7M volume
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3 deals$11.8M volume
SELLER

Details

SOLD
IMAGE: 07/07/2022 ADDRESS: 59 Grove Street MARKET: Bushwick, Brooklyn ASSET TYPE: Apartment ~ ZONING: R6 BUYER: Israel Gold SELLER: Joel Waldman PRICE: $3,350,000 BSF: 8,505 ~ PPBSF: $393 SF: 8,995 ~ PPSF: $372 FAR: 2.57 TAX CLASS: 2 LOT SIZE: 3,500 PERMITS: Alteration 1 (11/01/2012) LOT DIMENSION: 40 ft x 87.5 ft

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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$8,881.99
Cash-on-Cash Return-1.27%
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