Garey V. Ellis Acquires Retail Building From Bawabeh Realty Holdings For $3M
1220 E New York Ave Brooklyn, NY 11212, USA
$3,000,000
$645/SF
Building Size
4,648 SF
Asset Type
Retail
Closing
Aug 16, 2023
About this deal
AI
A retail building located at 1220 East New York Avenue in Crown Heights, Brooklyn, has been sold for $3 million. The property spans a total area of 4,648 square feet, resulting in a price per square foot of $645. The buyer in this transaction was Garey V. Ellis, co-founder of Inner Force Tots preschool. The seller was Bawabeh Realty Holdings, represented by David Bawabeh.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $3,000,000
- Square Footage: 4,648
- Price Per Square Foot: $645
- Address: 1220 East New York Avenue
- Market: Crown Heights, Brooklyn
Garey V. Ellis, the buyer in this transaction, is known for his role in co-founding Inner Force Tots preschool. Bawabeh Realty Holdings, represented by David Bawabeh, was the seller of the property. This sale marks an important investment in the retail sector in Crown Heights, Brooklyn.
On the Map
$3,000,000
$645/SF
Retail
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Players
Brooklyn 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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93