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Michael Rochford Of St. Nicks Alliance Acquires Multifamily Property From Jeffrey Dunston For $3.6M
SOLD
$3,600,000
New York
See Similar DealsMultiFamily38,000 SF
Sold 11/15/2024
SOLD
Michael Rochford Of St. Nicks Alliance Acquires Multifamily Property From Jeffrey Dunston For $3.6M
984 Greene Avenue
See Similar DealsMultiFamily38,000 SF
Sold 11/15/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$94
Total Square Footage:38,000 SF
Transaction Type:Sale
A multifamily residential building located at 984 Greene Avenue in Bedford Stuyvesant, Brooklyn was sold for $3,600,000. The asset consists of 32 units and spans across 38,000 square feet, with a price per unit of $112,500 and a price per square foot of $95.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,600,000
- Address: 984 Greene Avenue
- Market: Bedford Stuyvesant, Brooklyn
- Units: 32
- Square Footage: 38,000
- Price Per Unit: $112,500
- Price Per Square Foot: $95
- Buyer: Michael Rochford - St. Nicks Alliance
- Seller: Jeffrey Dunston - Northeast Brooklyn Housing Development Corporation
This transaction involved St. Nicks Alliance, which acquired the property through the Greene Avenue SNA Housing Development Fund as part of a bankruptcy process.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$192,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,790.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$17,065.84
Annual Debt Service$204,790.04
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