Webster Bank Provides $18.4M Construction Loan For Development Site In New York City, Brooklyn
170-174 East 123rd Street
$18,400,000
$230/SF
Building Size
80,000 SF
Asset Type
Development Site
Closing
Jul 27, 2022
AI
A development site located at 170-174 East 123rd Street & 1630-1650 Dean Street in New York City, Brooklyn has been involved in a recent closed property transaction. The property is a development site with a buildable square footage of 80,000. The transaction involves a loan from Webster Bank and the landlord is Saba Vahdat. The broker representing the deal is Andrew Marcus from Dansker Capital Group.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $18,400,000
- Address: 170-174 East 123rd Street & 1630-1650 Dean Street
- Market: New York City, Brooklyn
- Lender: Webster Bank
- Landlord: Saba Vahdat
- Broker: Andrew Marcus - Dansker Capital Group
- Loan Type: Construction
The loan amount for this transaction is $18,400,000 and it is a construction loan. This deal provides financing for the development site located at 170-174 East 123rd Street & 1630-1650 Dean Street. Saba Vahdat is the landlord of the property, and the broker representing the deal is Andrew Marcus from Dansker Capital Group.
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
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93