Dominic DeSimone Purchases Development Site From Ken Pizzo Jr. In Holmdel For $2.5M
Palmer Avenue
$2,500,000
$48/SF
Building Size
51,865 SF
Asset Type
Development Site
Closing
Jan 28, 2025
AI
The asset involved in the transaction is a development site located on Palmer Avenue in Holmdel. The sale price was $2,500,000, with a total square footage of 51,865, resulting in a price per square foot of $48.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,500,000
- Square Footage: 51,865
- Price per Square Foot: $48
- Buyer: Dominic DeSimone
- Seller: Ken Pizzo Jr.
- Broker: Adam Zweibel - Hudson Atlantic Realty
- Market: Holmdel
- Note from Broker: 48 market and 12 affordable units.
Key individuals in this transaction include the buyer, Dominic DeSimone, and the seller, Ken Pizzo Jr., who completed the sale through the representation of broker Adam Zweibel from Hudson Atlantic Realty.
Middletown Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93