Updated Dec 20, 2023
Joe Lichtman Acquires 598 & 600 Myrtle Avenue Multifamily In Brooklyn, Clinton Hill For $3M
598 Myrtle Avenue, Brooklyn, NY 11205, USA
$3,000,000
$500/SF
Building Size
6,000 SF
Asset Type
MultiFamily
Closing
Oct 16, 2019
About this deal
AI
The multifamily property located at 598 & 600 Myrtle Avenue in Brooklyn, Clinton Hill has been sold. The transaction took place on October 17, 2019. The property consists of 6,000 square feet, with a total of 6 units. The asking price for the property was $3,100,000, and it was sold for $3,000,000, resulting in a price per square foot of $500. Both properties are fully vacant.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $3,000,000
- Date: 10/17/2019
- Address: 598 & 600 Myrtle Avenue, Brooklyn, Clinton Hill
- Market: Brooklyn, Clinton Hill
- Asking Price: $3,100,000
- Square Footage: 6,000
- Unit Count: 6
The seller of the property was Dominick Eckenstein, while the buyer was Joe Lichtman. The transaction was facilitated by Marcel Fridman of Barcel Group, who acted as the broker.
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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93