Frey Management Acquires Ocean Parkway Apartment Building In Brooklyn For $33.7M
31 Ocean Pkwy, Brooklyn, NY 11218, USA
Building Size
100,000 SF
Asset Type
Other
Closing
Nov 28, 2020
About this deal
AI
An apartment building located at 31 Ocean Parkway in Brooklyn, New York has been sold in a closed transaction. The property spans approximately 100,000 square feet and was sold for a total price of $33,700,000. The price per square foot for this transaction is $337. The building consists of 83 units, resulting in a price per unit of $400,000.
Summary of transaction details
- Property Type: Apartment Building
- Transaction Amount: $33,700,000
- Square Footage: 100,000 sf
- Price per Square Foot: $337
- Number of Units: 83
- Price per Unit: $400,000
The seller of the property is Sentinel Real Estate Corporation, represented by John H. Streicker, Millie C. Cassidy, and Michael F. Streicker. The buyer of the property is Frey Management.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93