Updated Oct 29, 2024
Nathan Friedman & Joseph Banda Acquire Flatbush Development Site For $3.3M
494 E 23rd St, Brooklyn, NY 11226, USA
$3,325,000
$170/SF
Building Size
19,521 SF
Asset Type
Development Site
Closing
Aug 7, 2019
About this deal
AI
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.
Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.77%
Cash-on-Cash
-1.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93