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Lay Assets Acquires Development Site In Midwood, Brooklyn For $12M With $12M Loan From Valley National Bank

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FINANCED
$12,000,000

New York

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Development Site6,440 SF
Financed 04/20/2023
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Property Image
FINANCED

Lay Assets Acquires Development Site In Midwood, Brooklyn For $12M With $12M Loan From Valley National Bank

1206 Ocean Parkway

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Development Site6,440 SF
Financed 04/20/2023
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,863
Total Square Footage:6,440 SF
Transaction Type:Loan

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.

Players

Valley National Bank
Valley National Bank
LENDER
Eddie Yair
Lay Assets
Eddie Yair
1 deal
LANDLORD

Details

FINANCED
IMAGE: Eddie Yair DATE: 04/19/2023 ADDRESS: 1206 Ocean Parkway MARKET: Midwood, Brooklyn ASSET TYPE: Development Site ~ BSF: 65,883 ~ SF: 6,440 LENDER: Valley National Bank - Harris Schornstein LANDLORD: Lay Assets - Eddie Yair LOAN AMOUNT: $12,000,000 LOAN TYPE: Acquisition NOTE: Lay Assets has acquired a multi-parcel development site in Midwood, Brooklyn for $12 million through the entity 1210 Ocean Parkway LLC with a $12 million loan from Valley National Bank. The five properties have 6,440 square feet of built space and 59,473 square feet of additional air rights for a total buildable of 65,883 square feet, with no new building development plans filed for these parcels.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,000,000.00

Monthly NOI$80,000.00
Monthly Debt Service$75,848.16
Change in Cash Flow$0.00
Refinance Proceeds$0.00