Bryan McKenzie Acquires Coney Island Retail Property For $5.5M
1019 Surf Avenue, Coney Island, Brooklyn, NY, USA
$5,500,000
$557/SF
Building Size
9,860 SF
Asset Type
Retail
Closing
Aug 2, 2021
About this deal
AI
Located at 1019 Surf Avenue in Coney Island, this retail property was recently sold in a closed transaction. The buyer, Bryan McKenzie, acquired the property from the seller, Alexander Levin, for a price of $5,500,000. The asset type is retail, with a zoning classification of C7 and CI. The property spans a total of 9,860 square feet and has a building square footage (BSF) of 19,720. The price per building square foot (PPBSF) is approximately $278, while the price per square foot (PPSF) is around $557. The lot size is equal to the property's total square footage of 9,860. The previous sale of the property occurred on March 25, 2013, with a sale price of $3,100,000.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $5,500,000
- Market: Coney Island
- Zoning: C7, CI
- Buyer: Bryan McKenzie
- Seller: Alexander Levin
- Building Square Footage (BSF): 19,720
- Price per Building Square Foot (PPBSF): $278
- Square Footage (SF): 9,860
- Price per Square Foot (PPSF): $557
- Floor Area Ratio (FAR): 1.00
- Tax Class: 4
- Last Sale Price: $3,100,000 (3/25/2013)
- Permits: Alteration type 2 (12/06/2017)
- Lot Dimensions: 182.08 ft x 63 ft
This transaction showcases Bryan McKenzie as the buyer who acquired the property from Alexander Levin. The property's square footage, zoning, and market value make it a valuable asset in the vibrant neighborhood of Coney Island. The deal was closed at a price point of $5,500,000, reflecting the attractiveness and potential of this retail property. The 2013 sale price of $3,100,000 indicates a significant appreciation in value over the years. Overall, this transaction highlights the success and strategic investment decisions of both Bryan McKenzie and Alexander Levin.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93