Ashkenazy Acquisition Corporation Acquires Sheepshead Bay Shopping Center For $38.25M
3779 Nostrand Avenue, Brooklyn, NY, USA
$38,250,000
$472/SF
Building Size
80,991 SF
Asset Type
Retail
Closing
Dec 20, 2018
About this deal
AI
This transaction represents the largest ever sale (by price) of a shopping center with parking in the entire borough of Brooklyn.
Summary of transaction details
- Property Type: Shopping center with parking
- Transaction Amount: $38,250,000
- Square Footage: 80,991
- Price per Square Foot: $472
- Date: 12/21/2018
- Address: 3779-3861 Nostrand Avenue, Sheepshead Bay, Brooklyn
- Market: Sheepshead Bay, Brooklyn
The seller of the property was the LeFrak Organization, while the buyer was Ashkenazy Acquisition Corporation. The transaction was brokered by Thomas A. Donovan, Eugene Kim, Tommy Lin, and Robert Rappa from the Donovan Team and B6 Real Estate.
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
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93