Simon Dushinsky Acquires Multifamily Asset At 945 Bergen Street For $18.8M From Valley National Bank
SOLD
$18,800,000
+ 1
New York
See Similar DealsMultiFamily44,277 SF
Sold 08/02/2024
SOLD
Simon Dushinsky Acquires Multifamily Asset At 945 Bergen Street For $18.8M From Valley National Bank
945 Bergen Street
See Similar DealsMultiFamily44,277 SF
Sold 08/02/2024
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$424
Total Square Footage:44,277 SF
Transaction Type:Sale
The property involved in this transaction is a multifamily asset located at 945 Bergen Street in Prospect Heights. The property has a sale price of $18,800,000 and encompasses a total square footage of 44,277, which translates to a price per square foot of $424.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $18,800,000
- Address: 945 Bergen Street
- Market: Prospect Heights
- Square Footage: 44,277
- Price Per Square Foot: $424
- Buyer: Simon Dushinsky
- Seller: Valley National Bank & Churchill Real Estate
- Brokers: Daniel O'Brien, Maurice Suede & Caroline Hodes - Newmark
The transaction was facilitated through a competitive auction process, successfully brokered by Newmark with the involvement of Maurice Suede, Daniel O'Brien, and Caroline Hodes. The deal represents a significant redevelopment opportunity for the historic Nassau Brewing Company facility.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,002,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$66,792.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$89,121.59
Annual Debt Service$1,069,459.10
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