Updated Jun 5, 2025
Concern For Independent Living Secures $17.6M Construction Loan For Development Site In East New York, Brooklyn
2602 Pitkin Ave, Brooklyn, NY 11208, USA
$17,574,180
$610/SF
Building Size
28,796 SF
Asset Type
Development Site
Closing
Apr 19, 2023
About this deal
AI
Located in East New York, Brooklyn, the development site at 2602 Pitkin Avenue has recently undergone a closed transaction. The property spans an impressive 28,796 square feet and is owned by Concern for Independent Living, represented by Ralph Fasano.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $17,574,180
JPMorgan Chase and NYS Homeless & Housing Assistance have provided a construction loan of $17,574,180 for the development site at 2602 Pitkin Avenue. This loan will support the construction and development of the property, enabling the realization of its full potential.
Ralph Fasano, representing Concern for Independent Living, has played a crucial role in the transaction as the landlord. His expertise and involvement have contributed to the successful conclusion of the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.90%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93