Brooklyn (Canarsie) 50% Equity - 2.87% Debt

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Brooklyn (Canarsie) 50% Equity - 2.87% Debt

Nigel Okafor
Member since 2026 · 4 posts · 3 votes

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.

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
7mo
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

REbuild Team - eXp Realty5234 Reviews
WebsiteView Page
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  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    7mo
    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

    REbuild Team - eXp Realty5234 Reviews
    WebsiteView Page
    1Reply
  • Nigel Okafor
    OP
    Member since 2026 · 4 posts · 3 votes
    7mo

    Hi Abel, 

    I appreciate the insight. We're in touch with the lender to clarify the assumption timeline and underwriting requirements, and we're organizing full financials (NOI, rent roll, recent capex, tenant details) for qualified review.

    Also, in your experience, where else would you suggest I could look for potential partners on a deal like this? 

    Thank you

    Nigel

    1Reply
    • Abel CurielBusiness Member
      Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
      7mo
      Quote from @Nigel Okafor:

      Hi Abel, 

      I appreciate the insight. We're in touch with the lender to clarify the assumption timeline and underwriting requirements, and we're organizing full financials (NOI, rent roll, recent capex, tenant details) for qualified review.

      Also, in your experience, where else would you suggest I could look for potential partners on a deal like this? 

      Thank you

      Nigel


      Sphere of influence - Friends, family, neighbors, co-workers, etc. Speak to people close to you and ask them 'who do you know that is interested in investing in real estate?... I have a potential opportunity in Brooklyn.."

      You'd be surprised how many people around you are interested in REI OR already investing locally and outside of the NY market.

      General networking - speak with local business owners, check out local networking events, put out some feelers on linkedIn, social media platforms, and other platforms you're on. BiggerPockets is a great place to connect with local investors because we're all on here for similar reasons.

      It could take more time (compared to your sphere) to establish and nurture relationships from networking efforts. 

      Once you have a potential partner, I recommend connecting with an attorney, CPA, or someone else with experience forming companies/partnerships and developing operating agreements, etc.

      REbuild Team - eXp Realty5234 Reviews
      WebsiteView Page
      0Reply
  • Max Lefkowitz
    Investor · Brooklyn, NY · Member since 2023 · 3 posts · 2 votes
    5mo

    Hi Nigel,

    I know I’m a bit late..

    I’d potentially be interested if you can DM me more details.


    Thank you!

    0Reply
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