Brooklyn (Canarsie) 50% Equity - 2.87% Debt

[Nigel Okafor]

I’m looking for feedback and potential capital partners on a control position I have in a multi-family in Canarsie (Brooklyn).

Key details:
• Estimated current value: ~$975K–$1.02M (recent area comps)
• Existing mortgage at ~2.87%
• 50% ownership interest available
• Target entry: low–mid $300Ks for the 50% position

Structure options:
– Preferred: mortgage assumption
– Also open to structured equity / JV discussions

I’m primarily interested in connecting with experienced operators who understand Brooklyn asset management and long-term hold strategy.

Happy to share rent roll, expense breakdown, and valuation comps with proof of funds.

Would appreciate thoughts from the group on pricing and structure as well.

[Abel Curiel]

Quote from @Nigel Okafor:

I’m looking for feedback and potential capital partners on a control position I have in a multi-family in Canarsie (Brooklyn).

Key details:
• Estimated current value: ~$975K–$1.02M (recent area comps)
• Existing mortgage at ~2.87%
• 50% ownership interest available
• Target entry: low–mid $300Ks for the 50% position

Structure options:
– Preferred: mortgage assumption
– Also open to structured equity / JV discussions

I’m primarily interested in connecting with experienced operators who understand Brooklyn asset management and long-term hold strategy.

Happy to share rent roll, expense breakdown, and valuation comps with proof of funds.

Would appreciate thoughts from the group on pricing and structure as well.

Hello Nigel,

My main concern is regarding the loan assumption. Depending on the bank, this could be a lengthy process (6+ months). 

If the bank has a streamlined process and the applicant(s) seeking to assume the loan are well-qualified, this could be a good deal given the low interest rate. If you haven't already, I think it would benefit you to contact the loan assumptions department for more information about the bank's process. If it takes them weeks to respond to you, it could mean that assumptions are not a priority for the bank.

Experienced operators would want to confirm NOI, recent capital upgrades, more information on tenants, etc.

To help you find potential partners for this deal, I'd recommend using the search feature and keyword alerts to see previous forum posts about related topics and locations. The keyword alerts could be helpful as you'll receive notifications for future posts on the topics and locations of interest.

All the best!

Abel