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David Cohen Acquires Mill Basin Nursery For $31.1M From Seller Adam G Mabry

Property Image
SOLD
$31,131,930

New York

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Other108,081 SF
Sold 06/18/2021
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Property Image
SOLD

David Cohen Acquires Mill Basin Nursery For $31.1M From Seller Adam G Mabry

5905 Strickland Avenue, Mill Basin, Brooklyn, NY, USA

See Similar Deals
Other108,081 SF
Sold 06/18/2021
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Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$288
Total Square Footage:108,081 SF
Transaction Type:Sale

The property at 5905 Strickland Avenue in Mill Basin, Brooklyn, was recently sold in a closed transaction. The asset type is a nursery, and it falls under the C3 zoning category. The property features a lot size of 142,212 square feet, with dimensions of 573 feet by 417 feet. It has a floor area ratio (FAR) of 0.76 and is classified as tax class 4.

Summary of Transaction Details

  • Property Type: Nursery
  • Transaction Amount: $31,131,930
  • Buyer: David Cohen
  • Seller: Adam G Mabry
  • Building Square Footage (BSF): 71,106
  • Price Per Building Square Foot (PPBSF): $437
  • Lot Square Footage (SF): 108,081
  • Price Per Square Foot (PPSF): $288
  • Last Sale Price: $17,077,442 (09/30/2003)
  • Permits: Alteration type 2 (09/10/2018)

David Cohen acted as the buyer in this transaction, while Adam G Mabry was the seller. The property was sold for a total price of $31,131,930. The building on the property has a total floor area of 71,106 square feet, with a price per building square foot of $437. The lot itself measures 108,081 square feet, with a price per square foot of $288. The last recorded sale of the property prior to this transaction was on 09/30/2003, when it was sold for $17,077,442. Additionally, permits for alteration type 2 were obtained on 09/10/2018.

Players

David Cohen
21 deals$369.2M volume
BUYER

David Cohen
Ready Capital
21 deals$369.2M volume
BUYER

David Cohen
21 deals$369.2M volume
BUYER

David Cohen
21 deals$369.2M volume
BUYER

Details

SOLD
IMAGE: 2021-06-18 ADDRESS: 5905 Strickland Avenue MARKET: Mill Basin,Brooklyn ASSET TYPE: Nursery ~ ZONING: C3 BUYER: David Cohen SELLER: Adam G Mabry PRICE: $31,131,930 BSF: 71,106 ~ PPBSF: $437 SF: 108,081 ~ PPSF: $288 FAR: 0.76 TAX CLASS: 4 LOT SIZE: 142,212 LAST SALE PRICE: $17,077,442 (09/30/2003) PERMITS: Alteration type 2 (09/10/2018) LOT DIMENSIONS: 573 ft x 417 ft

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

$1,660,369.61

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$110,605.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$147,581.23
Annual Debt Service$1,770,974.77