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Joe Lichtman Acquires 598 & 600 Myrtle Avenue Multifamily In Brooklyn, Clinton Hill For $3M

Property Image
SOLD
$3,000,000

New York

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MultiFamily6,000 SF
Sold 10/17/2019
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Property Image
SOLD

Joe Lichtman Acquires 598 & 600 Myrtle Avenue Multifamily In Brooklyn, Clinton Hill For $3M

598 Myrtle Avenue, Brooklyn, NY 11205, USA

See Similar Deals
MultiFamily6,000 SF
Sold 10/17/2019
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$500
Total Square Footage:6,000 SF
Transaction Type:Sale

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

Marcel Fridman
141 deals$451.5M volume
BROKER

Details

SOLD
IMAGE: Marcel Fridman DATE: 10/17/2019 ADDRESS: 598 & 600 Myrtle Avenue MARKET: Brooklyn, Clinton hill ASSET TYPE: Multifamily SELLER: Dominick Eckenstein BUYER: Joe Lichtman BROKER: Marcel Fridman - Barcel Group ASKING PRICE: $3,100,000 SALE PRICE: $3,000,000 SF: 6,000 / PPSF: $500 UNITS: 6 / PPU: $500,000 NOTE: The 2 properties are fully vacant.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$10,658.36
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