Turnbridge Equities Acquires Specialty Building On Shore Parkway In Gravesend, Brooklyn For $13M
2320 Shore Pkwy Brooklyn, NY 11223, USA
$13,000,000
$2,600/SF
Building Size
5,000 SF
Asset Type
Other
Closing
May 10, 2023
AI
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.
New York Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93