IPark Acquires Office Buildings In Bay Ridge For $40.75M
SOLD
$40,750,000
New York
See Similar DealsOffice61,400 SF
Sold 12/23/2020
SOLD
IPark Acquires Office Buildings In Bay Ridge For $40.75M
7115 13th Avenue, Brooklyn, NY, USA
See Similar DealsOffice61,400 SF
Sold 12/23/2020
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$663
Total Square Footage:61,400 SF
Transaction Type:Sale
An office property located in Bay Ridge has been sold for $40,750,000. The property consists of three addresses: 7115-7121 13th Ave, 7601-7607 4th Ave, and 9020-9024 5th Ave, with a total square footage of 61,400. The price per square foot for this transaction was $663.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $40,750,000
- Address: 7115-7121 13th Ave, 7601-7607 4th Ave, 9020-9024 5th Ave
- Market: Bay Ridge
- Square Footage: 61,400
The buyer of this office property is iPark, represented by Billy Lerner. The seller, Dr. Shahrokh Abiri MD, was represented by Adam Rochlin of The Rochlin Organization. Isaac Setton and Bunny Escava of Kassin Sabbagh Realty acted as the buyer's representatives in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,173,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$144,776.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$193,175.79
Annual Debt Service$2,318,109.48
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