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
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.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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