facebook
Traded Co logo
Submit

Barone Management Acquires Angel Guardian Home In Dyker Heights, Brooklyn For $37.5M

Property Image
SOLD
$37,500,000
Timothy (Tim) Sheehan
Justin Arzi
John Reinersten
+ 1

New York

See Similar Deals
Other77,202 SF
Sold
the dealplayerscompscontact
Property Image
SOLD

Barone Management Acquires Angel Guardian Home In Dyker Heights, Brooklyn For $37.5M

6301 12th Avenue, Brooklyn, NY 11219

See Similar Deals
Other77,202 SF
Sold
Timothy (Tim) Sheehan
Justin Arzi
John Reinersten
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$485
Total Square Footage:77202 SF
Transaction Type:Sale

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.

Players

Justin Arzi
CBRE
Justin Arzi
38 deals$1.2B volume(212) 984-7142
BROKER
John Reinersten
CBRE
John Reinersten
3 deals$74.4M volume
BROKER
Timothy (Tim) Sheehan
CBRE
Timothy Sheehan
4 deals$96.5M volume
BROKER
Daniel (Dan) Kaplan
CBRE
Daniel Kaplan
55 deals$1.7B volume
BROKER
BM
Barone Management
BUYER

Details

SOLD
IMAGE: Daniel Kaplan, Scott Barone and John Reinertsen DATE: 08/16/2018 ADDRESS: 6301 12th Avenue (Angel Guardian home) CITY: New York MARKET: Dyker Heights, Brooklyn SELLER: Sisters of Mercy BUYER: Scott Barone’s Barone Management BROKER: Daniel Kaplan, Tim Sheehan, John Reinertsen and Justin Arzi @cbre PRICE: $37,500,000 LOAN: The developer received 27M from Madison Realty Capital @jzegen PLANS: 300K SF, 150 Unit, affordable

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,999,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$133,229.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$177,769.13
Annual Debt Service$2,133,229.58