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682 Ocean Parkway, Brooklyn...

Meridian Properties Acquires Kensington Multifamily For $6.55M
SOLDMultiFamily

Meridian Properties Acquires Kensington Multifamily For $6.55M

682 Ocean Parkway, Brooklyn, New York 11230, United States

$6,550,000

$160/SF

Building Size

40,800 SF

Asset Type

MultiFamily

Closing

Sep 15, 2022

AI

The multifamily property located at 682 Ocean Parkway in Kensington, Brooklyn, has been sold in a closed transaction. The sale took place on September 16, 2022, with the buyer being Meridian Properties, represented by Michael Niamonitakis, and the seller being Jacob Landau. The property consists of 41 units, with a price per unit of $159,756. It spans a total area of 40,800 square feet, with a price per square foot of $160.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $6,550,000
  • Address: 682 Ocean Parkway
  • Market: Kensington, Brooklyn
  • Buyer: Meridian Properties - Michael Niamonitakis
  • Seller: Jacob Landau
  • Units: 41
  • Price Per Unit (PPU): $159,756
  • Total Square Footage (SF): 40,800
  • Price Per Square Foot (PPSF): $160

This transaction showcases the involvement of key individuals and companies in the deal. Meridian Properties, led by Michael Niamonitakis, identified the opportunity and acted as the buyer, while Jacob Landau was the seller. Together, they successfully concluded the sale of this multifamily property in Kensington, Brooklyn.

Players

Michael Niamonitakis

Meridian Properties

Buyer

$110.8M

vol

10 deals

Buyer

Jacob Landau

Seller

$58.6M

vol

3 deals

Seller

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

2.42%

Cash-on-Cash

-0.69%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93