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1220 E New York Ave Brookly...

Garey V. Ellis Acquires Retail Building From Bawabeh Realty Holdings For $3M
SOLDRetail

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

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.

Players

David Bawabeh

Seller

$3M

vol

2 deals

Seller

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