Updated Jan 28, 2025
David Bistricer Acquires Development Site In Crown Heights For $52.5M
1010 Pacific Street, Brooklyn, NY 11238, USA
$52,500,000
$441/SF
Building Size
118,994 SF
Asset Type
Development Site
Closing
Aug 16, 2021
About this deal
AI
A development site located at 1010 Pacific Street in Crown Heights recently secured a loan worth $52,500,000. The site spans approximately 119,000 square feet and is owned by David Bistricer, who is also the landlord of the property through Clipper Realty. AIG provided the loan for this transaction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $52,500,000
- Address: 1010 Pacific Street, Crown Heights
- Market: Crown Heights
- Asset Type: Development Site
- Total Building Square Footage: 119,000
- Lender: AIG
- Landlord: David Bistricer - Clipper Realty
This deal involves David Bistricer, a prominent figure in the real estate industry, serving as both the owner of the development site and the landlord through his company, Clipper Realty. AIG, a well-known lender, provided the loan for this transaction, supporting the development of the property at 1010 Pacific Street in Crown Heights.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Visit David Bistricer to view all their deals.
Browse New York development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93