Gibraltar Management Acquires Park Slope Retail Property For $10.575M
SOLD
$10,575,000
New York
See Similar DealsRetail5,100 SF
Sold 09/14/2022
SOLD
Gibraltar Management Acquires Park Slope Retail Property For $10.575M
79-81 7th Avenue, Brooklyn, New York 11220, United States
See Similar DealsRetail5,100 SF
Sold 09/14/2022
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$2,073
Total Square Footage:5,100 SF
Transaction Type:Sale
The retail property located at 79-81 7th Avenue in Park Slope was recently sold for a total of $10,575,000. The transaction took place on September 14, 2022, and the property spans 5,100 square feet. The price per square foot for this sale was $2,073, reflecting the value of the property in the market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $10,575,000
- Date: 09/14/2022
- Address: 79-81 7th Avenue
- Market: Park Slope
- Square Footage: 5,100
- Price per Square Foot: $2,073
The buyer of this property was Gibraltar Management represented by Joshua J. Grossman, while the seller was Renaissance Realty Group represented by David Chemtob. This transaction involved key individuals and companies in the real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$564,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$37,570.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$50,130.90
Annual Debt Service$601,570.74
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