Updated Dec 21, 2023
Investment Property Realty Group Sells Development Site On Wythe Ave., Williamsburg For $9M
303 Wythe Avenue, Brooklyn, New York 11249, United States
$9,000,000
$1,212/SF
Building Size
7,425 SF
Asset Type
Commercial
Closing
Jun 8, 2022
About this deal
AI
303-311 Wythe Ave., located in Williamsburg, has been sold in a transaction worth $9,000,000. The development site spans over 16,500 square feet, resulting in a price per buildable square foot of $545. The sale of this property was facilitated by Derek Bestreich, Luke Sproviero, Donal Flaherty, Justin Zeitchik, and Corey Haynes from Investment Property Realty Group (IPRG).
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,000,000
- Address: 303-311 Wythe Ave.
- Market: Williamsburg
- Buildable Square Feet: 16,500
- Price per Buildable Square Foot: $545
The sellers of the property were Phillip Su and Raymond So. They entrusted Derek Bestreich, Luke Sproviero, Donal Flaherty, Justin Zeitchik, and Corey Haynes from Investment Property Realty Group (IPRG) to represent them in this deal. This successful transaction further underscores the expertise and credibility of these brokers.
Players
New York Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93