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
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