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Dry Creek Capital Partners Sells Retail Condominium And Community Facility In Brooklyn For $16.5M

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SOLD
$16,500,000

New York

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Retail16,500 SF
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Property Image
SOLD

Dry Creek Capital Partners Sells Retail Condominium And Community Facility In Brooklyn For $16.5M

350 6th Avenue

See Similar Deals
Retail16,500 SF
Sold
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$1000
Total Square Footage:16500 SF
Transaction Type:Sale

The property involved in this transaction is a retail asset located at 350 6th Avenue in Brooklyn. It consists of a Ground Floor Retail Condominium space and a Second Floor Community Facility space. The sale price for this property was $16,500,000, encompassing a total square footage of 16,500, which translates to a price per square foot of $1,000.

Summary of transation details:

  • Property Type: Retail
  • Transaction Amount: $16,500,000
  • Address: 350 6th Avenue
  • Market: Brooklyn
  • Square Footage: 16,500
  • Price Per Square Foot: $1,000
  • Seller: Dry Creek Capital Partners
  • Broker: Matthew Marshall - Marshall Real Estate

The deal was facilitated by Matthew Marshall, representing the seller, Dry Creek Capital Partners. The transaction successfully included both the retail and community facility spaces within the property, reflecting a comprehensive approach to the asset's marketability.

Players

Matthew Marshall
Marshall Real Estate
Matthew Marshall
24 deals$138.9M volume
BROKER

Details

SOLD
IMAGE: Matthew Marshall DATE: 01/14/2025 ADDRESS: 350 6th Avenue MARKET: Brooklyn ASSET TYPE: Retail SELLER: Dry Creek Capital Partners BROKER: Matthew Marshall (@MRENYC) - Marshall Real Estate SALE PRICE: $16,500,000 SF: 16,500 ~ PPSF: $1,000 NOTE FROM BROKER: Deal included both the Ground Floor Retail Condominium space and the Second Floor Community Facility space.

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

$880,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$58,621.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$78,218.42
Annual Debt Service$938,621.01