Updated Oct 29, 2024
Ekstein Development Secures $16.9M Loan For Development Site On Broadway - Bushwick
1389 Broadway, Brooklyn, NY 11221, USA
$16,884,324
$296/SF
Building Size
56,984 SF
Asset Type
Development Site
Closing
Mar 31, 2020
About this deal
AI
Erik Ekstein of Ekstein Development has closed a deal on a development site located at 1389 Broadway in the Bushwick market. The property, which spans 56,984 square feet, was acquired for a loan amount of $16,884,324 from citibank''>Citibank.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $16,884,324
- Address: 1389 Broadway
- Market: Bushwick
Erik Ekstein, representing Ekstein Development, successfully secured funding from Citibank for the acquisition of the 56,984 square foot development site at 1389 Broadway in Bushwick.
On the Map
$16,884,324
$296/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93