City Of New York Acquires Fort Greene Cultural Unit For $6.5M
SOLD
$6,500,000
New York
See Similar DealsOther49,830 SF
Sold 12/04/2019
SOLD
City Of New York Acquires Fort Greene Cultural Unit For $6.5M
300 Ashland Pl, Brooklyn, NY 11217, USA
See Similar DealsOther49,830 SF
Sold 12/04/2019
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$130
Total Square Footage:49,830 SF
Transaction Type:Sale
The City of New York has purchased a "Cultural Unit" / Community Facility in Fort Greene for a price of $6,500,000. The property, located at 300 Ashland Place, features lower floors with 50,000 square feet of cultural space.
Summary of transaction details
- Property Type: "Cultural Unit" / Community Facility
- Transaction Amount: $6,500,000
- Address: 300 Ashland Place
- Market: Fort Greene
The buyer of the property is the City of New York, while the seller is Two Trees NY. The lower floors of the building contain 50,000 square feet of cultural space, with occupancy details unknown at the moment.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$346,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,093.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,813.32
Annual Debt Service$369,759.79
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