IPark Acquires Office Buildings In Bay Ridge For $40.75M
7115 13th Avenue, Brooklyn, NY, USA
$40,750,000
$663/SF
Building Size
61,400 SF
Asset Type
Office
Closing
Dec 22, 2020
About this deal
AI
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.
On the Map
$40,750,000
$663/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93