Rosanna Rizzo Acquires Two Office Buildings In Bay Ridge, Brooklyn For $3.4M
245 86th Street & 247 86th Street
$3,400,000
$236/SF
Building Size
7,200 SF
Asset Type
Office
Closing
Aug 30, 2023
About this deal
AI
Rosanna Rizzo, operating through the entity 245-247 86 Street Estates, LLC, acquired two office buildings located at 245 and 247 86th Street in Bay Ridge, Brooklyn. The properties were sold by Katerina Nikiforou Papadakis and her entity 86 Street Estates, LLC, for a total purchase price of $3.4 million. The office buildings have a combined square footage of 7,200, resulting in a price per square foot of $472.
Summary of transation details
- Property Type: Office
- Transaction Amount: $3,400,000
- Address: 245 86th Street & 247 86th Street
- Market: Bay Ridge, Brooklyn
- Buyer: Rosanna Rizzo
- Seller: Katerina Nikiforou Papadakis
- Square Footage: 7,200
- Price per Square Foot: $472
Rosanna Rizzo, representing 245-247 86 Street Estates, LLC, successfully acquired two office buildings in Bay Ridge, Brooklyn. The transaction was finalized with Katerina Nikiforou Papadakis and her entity, 86 Street Estates, LLC, selling the properties for $3.4 million. This deal marks a strategic investment for Rizzo, expanding her real estate portfolio in the Bay Ridge market.
Players
Brooklyn Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.67%
Cash-on-Cash
-1.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93