Nathan Friedman & Joseph Banda Acquire Flatbush Development Site For $3.3M
SOLD
$3,325,000
National
See Similar DealsDevelopment Site19,521 SF
Sold
SOLD
Nathan Friedman & Joseph Banda Acquire Flatbush Development Site For $3.3M
494 E 23rd St, Brooklyn, NY 11226, USA
See Similar DealsDevelopment Site19,521 SF
Sold
Summary
Asset Type:Development Site
Price Per Square Foot:$170
Total Square Footage:19521 SF
Transaction Type:Sale
The development site located at 494 East 23rd Street in Flatbush has been sold for $3,325,000. The property spans 19,521 square feet, resulting in a price per square foot of $166.
Summary of transaction details:
- Property Type: Development Site
- Sale Price: $3,325,000
- Address: 494 East 23rd Street
- Market: Flatbush
- Square Footage: 19,521
- Price per Square Foot: $166
The seller of the property is the Flatbush Church of the Redeemer, while the buyers are Nathan Friedman and Joseph Banda. Adan Elias Kornfeld from Meridian Investment Sales and Eric Yarbro from Madison represent the seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$177,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,813.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,762.20
Annual Debt Service$189,146.36
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