Mike Nassimi Of Nassimi Realty Purchases Retail Condo At 509 Pacific Street For $9M
509 Pacific Street
$9,000,000
$351/SF
Building Size
25,638 SF
Asset Type
Retail
Closing
Sep 24, 2026
About this deal
AI
The transaction involves a retail condo located at 509 Pacific Street in Boerum Hill, Brooklyn. The property was sold for $9,000,000, encompassing a total area of 25,638 square feet, resulting in a price per square foot of $351. It is noted that the property is expected to be cash-flowing.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $9,000,000
- Address: 509 Pacific Street
- Market: Boerum Hill, Brooklyn
- Square Footage: 25,638 SF
- Price Per Square Foot: $351
- Buyer: Mike Nassimi - Nassimi Realty
- Seller: Jeffrey Gershon - Hope Street Capital
Mike Nassimi represented Nassimi Realty in the acquisition, while Jeffrey Gershon represented Hope Street Capital in the sale of the property.
On the Map
$9,000,000
$351/SF
Retail
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Players
Brooklyn 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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93