Elliot Brownstein Acquires Store Building On Coney Island Avenue For $3.55M
1402 Coney Island Avenue, Midwood, Brooklyn, NY, USA
$3,550,000
$328/SF
Building Size
10,800 SF
Asset Type
Retail
Closing
Nov 9, 2021
About this deal
AI
The property involved in this transaction is a store building located at 1402 Coney Island Avenue in the Midwood neighborhood of Brooklyn. The asset type is categorized as "Store Buildings (Taxpayers Included) - Predominant Retail with Other Uses (K4)" with zoning designations of R5, OP, and C1-3. The property spans 10,800 square feet and was sold for a price of $3,550,000, resulting in a price per square foot of $329. The buyer of the property is Elliot Brownstein, while Joseph Berman is the seller. The previous sale of the property took place on August 11, 2011, at a price of $1,792,772.
Summary of transaction details:
- Property Type: Store Buildings (Taxpayers Included) - Predominant Retail with Other Uses (K4)
- Transaction Amount: $3,550,000
- Address: 1402 Coney Island Avenue, Midwood, Brooklyn
- Square Footage: 10,800
- Price per Square Foot: $329
- Buyer: Elliot Brownstein
- Seller: Joseph Berman
- Last Sale Price: $1,792,772
- Last Sale Date: August 11, 2011
This transaction showcases Elliot Brownstein as the buyer and Joseph Berman as the seller. The property's zoning designations of R5, OP, and C1-3 add to its versatility. With a price per square foot of $329, this sale represents a significant increase from the previous sale that occurred in 2011.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.47%
Cash-on-Cash
-1.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93