Valley National Bank Provides $42M Loan For Rental Apartment Building At 1326 Ocean Avenue, Flatbush, Brooklyn
1326 Ocean Ave, Brooklyn, NY 11230, USA
$42,000,000
$46,666/SF
Building Size
900 SF
Asset Type
Other
Closing
Jul 26, 2018
About this deal
AI
Gerald H. Lipkin's rental apartment building located at 1326 Ocean Avenue in Flatbush, Brooklyn, New York City has been involved in a closed transaction. The property is owned by Cheskel Schwimmer’s Chess Builders and the deal has been financed by Valley National Bank for a loan amount of $42,000,000.
Summary of transaction details
- Property Type: Rental Apartment Building
- Transaction Amount: $42,000,000
- Address: 1326 Ocean Avenue
- Market: Flatbush, Brooklyn
- City: New York City
- Asset Type: Rental Apartment Building
- Lender: Valley National Bank
- Landlord/Developer: Cheskel Schwimmer’s Chess Builders
Cheskel Schwimmer’s Chess Builders is the landlord and developer of the rental apartment building at 1326 Ocean Avenue. The financing for this deal has been provided by Valley National Bank.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93