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1402 Coney Island Avenue, M...

Updated Dec 21, 2023

Elliot Brownstein Acquires Store Building On Coney Island Avenue For $3.55M
SOLDRetail

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

New York Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Deal FAQ

About $328 per square foot on a published $3.6M for 10,800 square feet (2021).

Browse New York retail sales on Traded.

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

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