Joshua Grossman Acquires Retail Property In Park Slope, Brooklyn For $10.58M
81 7th Avenue, Brooklyn, New York 11217, United States
$10,575,000
$2,064/SF
Building Size
5,123 SF
Asset Type
Retail
Closing
Sep 13, 2022
AI
Located at 81 7th Ave in Park Slope, Brooklyn, this retail property was recently sold in a closed transaction. The sale took place on September 14, 2022, and the property was purchased by Joshua Grossman from the seller, Adir Cohen. The asset type of the property is retail, and it spans across 5,123 square feet.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $10,575,000
- Address: 81 7th Ave, Park Slope, Brooklyn
- Buyer: Joshua Grossman
- Seller: Adir Cohen
- Brokers: Scott Plasky & Alex Arustamian - Plasky Retail Group - Marcus & Millichap
- Sale Price: $10,575,000
- Square Footage: 5,123
- Price per Square Foot: $2,064
The property was net-leased to Petco with a corporate guarantee, ensuring zero management involvement. Additionally, there is a long-term lease in place for the property, providing stability and potential returns for the new owner, Joshua Grossman.
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
1.50%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93