Barone Management Acquires Angel Guardian Home In Dyker Heights, Brooklyn For $37.5M
6301 12th Avenue, Brooklyn, NY 11219
$37,500,000
$485/SF
Building Size
77,202 SF
Asset Type
Other
Closing
Aug 15, 2018
About this deal
AI
The Angel Guardian home located at 6301 12th Avenue in the Dyker Heights neighborhood of Brooklyn, New York, has been sold for a staggering price of $37,500,000. The property was purchased by Scott Barone's Barone Management from the Sisters of Mercy. This transaction was facilitated with the help of brokers Daniel Kaplan, Tim Sheehan, John Reinertsen, and Justin Arzi from CBRE.
Summary of transaction details:
- Property Type: Not specified
- Transaction Amount: $37,500,000
- Date: 08/16/2018
- Address: 6301 12th Avenue (Angel Guardian home)
- City: New York
- Market: Dyker Heights, Brooklyn
The developer, Scott Barone, secured a loan of $27,000,000 from Madison Realty Capital for this project. The plan for the property includes the construction of a 300,000 square feet building with 150 residential units, focusing on providing affordable housing.
On the Map
$37,500,000
$485/SF
Other
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93