Allen Gross & Jeff And Joseph Sutton Acquires Commercial Building In Brooklyn For $14.6M
SOLD
$14,600,000
New York
See Similar DealsOther186,890 SF
Sold 03/20/2018
SOLD
Allen Gross & Jeff And Joseph Sutton Acquires Commercial Building In Brooklyn For $14.6M
2250 Nostrand Ave, Brooklyn, Ny 11210, Usa
See Similar DealsOther186,890 SF
Sold 03/20/2018
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$78
Total Square Footage:186,890 SF
Transaction Type:Sale
The commercial building located at 2250 Nostrand Avenue in Brooklyn, New York has been sold in a closed property transaction. The property spans over 18,689 square feet and was sold at a price of $14,600,000. With a price per square foot of $781, this building offers a valuable investment opportunity in the Brooklyn market.
Summary of transaction details
- Property Type: Commercial Building
- Transaction Amount: $14,600,000
- Size: 18,689 square feet
- Price Per Square Foot: $781
- Address: 2250 Nostrand Avenue, Brooklyn, New York
- Market: Brooklyn
The seller of the property was GFI Capital Resources, represented by Allen Gross. On the other hand, the buyers were Jeff and Joseph Sutton. It is worth noting that the property also holds an additional 16,383 square feet of air rights for commercial use, providing further potential for the investors.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$778,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$51,870.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$69,211.45
Annual Debt Service$830,537.38
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