Wharton Properties Acquires Retail Property In Brooklyn For $6.7M
506 Utica Avenue,Brooklyn,New York
$6,700,000
$744/SF
Building Size
9,000 SF
Asset Type
Retail
Closing
Mar 17, 2023
About this deal
AI
The retail property located at 506 Utica Avenue in Brooklyn has been sold for a total of $6,700,000. The property spans 9,000 square feet, resulting in a price per square foot of $744. The transaction was completed by Wharton Properties, represented by Jeff and Joseph Sutton as the buyers, and Sam Frankel as the seller. The deal was facilitated by brokers Jordan Sutton, Robert Shapiro, Daniel O'Brien, and Caroline Hodes (from Cushman & Wakefield).
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,700,000
- Square Footage: 9,000
- Price per Square Foot: $744
- Buyer: Wharton Properties - Jeff & Joseph Sutton
- Seller: Sam Frankel
- Brokers: Jordan Sutton, Robert Shapiro, Daniel O'Brien & Caroline Hodes (Carolinehodes) - Cushman & Wakefield
Wharton Properties, led by Jeff and Joseph Sutton, successfully acquired the retail property at 506 Utica Avenue in Brooklyn from Sam Frankel. The deal was executed with the assistance of brokers Jordan Sutton, Robert Shapiro, Daniel O'Brien, and Caroline Hodes from Cushman & Wakefield.
Players
Market 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
2.37%
Cash-on-Cash
-0.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93