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Michael Rochford Of St. Nicks Alliance Acquires Multifamily Property From Jeffrey Dunston For $3.6M

Property Image
SOLD
$3,600,000

New York

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MultiFamily38,000 SF
Sold 11/15/2024
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Property Image
SOLD

Michael Rochford Of St. Nicks Alliance Acquires Multifamily Property From Jeffrey Dunston For $3.6M

984 Greene Avenue

See Similar Deals
MultiFamily38,000 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

SOLD
IMAGE: Michael Rochford & Jeffrey Dunston DATE: 11/15/2024 ADDRESS: 984 Greene Avenue MARKET: Bedford Stuyvesant, Brooklyn ASSET TYPE: Multifamily BUYER: Michael Rochford - St. Nicks Alliance SELLER: Jeffrey Dunston - Northeast Brooklyn Housing Development Corporation SALE PRICE: $3,600,000 UNITS: 32 ~ PPU: $112,500 SF: 38,000 ~ PPSF: $95 NOTE: St. Nicks Alliance, through Greene Avenue SNA Housing Development Fund, acquired a 32-unit residential building at 984 Greene Avenue in Brooklyn for $3.6 million via a bankruptcy process.

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Deal Type
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