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Nick Valentino Acquires 3 Residential Units Over Commercial Space In Brooklyn For $3.3M

Property Image
SOLD
$3,300,000
Stephen Palmese

New York

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Other67,500 SF
Sold 02/27/2018
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Property Image
SOLD

Nick Valentino Acquires 3 Residential Units Over Commercial Space In Brooklyn For $3.3M

299 Pacific St, Brooklyn, NY 11201, USA

See Similar Deals
Other67,500 SF
Sold 02/27/2018
Stephen Palmese
Contact now

Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$48
Total Square Footage:67,500 SF
Transaction Type:Sale

Located at 299 Pacific Street in Brooklyn, New York, this property consists of three residential units over commercial space. Spanning across 6,750 square feet, the property was recently sold for $3,300,000, equating to a price per square foot of $488. The transaction was facilitated by Stephen Palmese and Michael Mazzara of Cushman & Wakefield, representing the buyer, Nick Valentino, in this deal.

Summary of Transaction Details

  • Property Type: 3 Residential Units over Commercial Space
  • Transaction Amount: $3,300,000
  • Square Footage: 6,750
  • Price per Square Foot: $488
  • Seller: The Sterling School
  • Buyer: Nick Valentino
  • Broker: Stephen Palmese & Michael Mazzara of Cushman & Wakefield

The buyer, Nick Valentino, acquired this property with the assistance of Stephen Palmese and Michael Mazzara from Cushman & Wakefield. With this transaction, Valentino has secured three residential units and commercial space in the bustling market of Brooklyn.

Players

Michael Mazzara
111 deals$3.9B volume(212) 376-5450
BROKER

Stephen Palmese
JLL
84 deals$3.3B volume(212) 376-1228
BROKER

Details

SOLD
IMAGE: 02/27/2018 IMAGE: Stephen Palmese & Michael Mazzara ADDRESS: 299 Pacific Street CITY: New York MARKET: Brooklyn ASSET TYPE: 3 Residential Units over Commercial Space PRICE: $3,300,000 SF: 6750 PPSF:488 SELLER: The Sterling School BUYER: Nick Valentino BROKER: Stephen Palmese & Michael Mazzara of Cushman & Wakefield

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

$175,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,724.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,643.68
Annual Debt Service$187,724.20