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Turnbridge Equities Acquires Specialty Building On Shore Parkway In Gravesend, Brooklyn For $13M

Property Image
SOLD
$13,000,000

New York

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Other5,000 SF
Sold 05/11/2023
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Property Image
SOLD

Turnbridge Equities Acquires Specialty Building On Shore Parkway In Gravesend, Brooklyn For $13M

2320 Shore Pkwy Brooklyn, NY 11223, USA

See Similar Deals
Other5,000 SF
Sold 05/11/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$2,600
Total Square Footage:5,000 SF
Transaction Type:Sale

A specialty building located at 2320 Shore Parkway in Gravesend, Brooklyn has been sold for $13,000,000. The building has a total buildable area of 165,782 square feet. The buyer of the property is Turnbridge Equities, represented by Ryan Nelson. The seller is the Paolino Family, including Angela Paolino-Thompson, Michael Paolino, and Thomas Paolino.

Summary of Transaction Details

  • Property Type: Specialty
  • Sale Price: $13,000,000
  • Square Footage: 165,782
  • Buyer: Turnbridge Equities - Ryan Nelson
  • Seller: Paolino Family - Angela Paolino-Thompson, Michael Paolino, & Thomas Paolino

Turnbridge Equities, through its entity 2647 Stillwell Avenue Property LLC, has acquired six properties from the Paolino family in Gravesend, Brooklyn. The transaction amounted to $13,000,000. The specialty building located at 2320 Shore Parkway is part of the acquired properties and offers a total buildable area of 165,782 square feet.

Players

Ryan Nelson
Turnbridge Equities
Ryan Nelson
7 deals$57.7M volume
BUYER

Details

SOLD
IMAGE: Ryan Nelson DATE: 05/11/2023 ADDRESS: 2320 Shore Parkway MARKET: Gravesend, Brooklyn ASSET TYPE: Specialty BUYER: Turnbridge Equities (@TurnbridgeEquities) - Ryan Nelson SELLER: Paolino Family - Angela Paolino-Thompson, Michael Paolino, & Thomas Paolino SALE PRICE: $13,000,000 BSF: 165,782 ~ PPBSF: $78 SF: 5,000 ~ PPSF: $2,600 NOTE: Turnbridge Equities, through its entity 2647 Stillwell Avenue Property LLC, has acquired six properties from the Paolino family for $13 million in Gravesend, Brooklyn. The properties include a specialty building at 2320 Shore Parkway and have a total buildable area of 165,782 square feet.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$693,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59