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

Property Image
SOLD
$3,000,000

New York

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Retail4,648 SF
Sold 08/16/2023
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Property Image
SOLD

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

1220 E New York Ave Brooklyn, NY 11212, USA

See Similar Deals
Retail4,648 SF
Sold 08/16/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$645
Total Square Footage:4,648 SF
Transaction Type:Sale

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

DB
David Bawabeh
2 deals$3M volume
SELLER

Details

SOLD
IMAGE: 08/16/2023 ADDRESS: 1220 East New York Avenue MARKET: Crown Heights, Brooklyn ASSET TYPE: Retail BUYER: Garey V. Ellis SELLER: Bawabeh Realty Holdings - David Bawabeh SALE PRICE: $3,000,000 SF: 4,648 ~ PPSF: $645 NOTE: Garey V. Ellis, co-founder of Inner Force Tots preschool, has purchased a retail building at 1220 East New York Avenue in Crown Heights, Brooklyn, for $3 million from Bawabeh Realty Holdings.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$160,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
Annual Debt Service$170,658.37