Bridges Development Group Acquires Shore Parkway Retail Property For $14M
1608 Shore Parkway, Gravesend, Brooklyn, NY, USA
$14,000,000
$48/SF
Building Size
291,000 SF
Asset Type
Retail
Closing
Jul 7, 2021
AI
A retail property located at 1608-1644 Shore Parkway in Gravesend has been sold for $14,000,000. The property spans 291,000 square feet and is zoned as M3-1. The transaction had an interest rate of 21%.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $14,000,000
- Square Footage: 291,000
- Address: 1608-1644 Shore Parkway
- Market: Gravesend
- Zoning: M3-1
The buyer of the retail property was Bridges Development Group, while the sellers were Susan Diiorio and Christine Diiorio. The deal was facilitated by the brokerage firm Robert Morse & Jonathan Slager.
Players
New York 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93