Updated Oct 29, 2024
Lay Assets Acquires Development Site In Midwood, Brooklyn For $12M With $12M Loan From Valley National Bank
1206 Ocean Parkway
$12,000,000
$1,863/SF
Building Size
6,440 SF
Asset Type
Development Site
Closing
Apr 19, 2023
About this deal
AI
Lay Assets, represented by Eddie Yair, has acquired a multi-parcel development site located at 1206 Ocean Parkway in Midwood, Brooklyn. The property was purchased for a total of $12 million through the entity 1210 Ocean Parkway LLC. The transaction was supported by a loan from Valley National Bank for the same amount.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Address: 1206 Ocean Parkway
- Market: Midwood, Brooklyn
- Asset Type: Development Site
- Total Buildable Square Footage: 65,883
- Built Space: 6,440 square feet
The loan for this acquisition was provided by Valley National Bank, with Harris Schornstein representing the bank in the transaction. Lay Assets, led by Eddie Yair, acted as the landlord in this deal.
On the Map
$12,000,000
$1,863/SF
Development Site
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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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93