Updated Sep 9, 2024
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
About this deal
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.
On the Map
$18,400,000
$230/SF
Development Site
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Players
New York Development Site Market Snapshot
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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