Updated Feb 16, 2024
BridgeCity Capital Provides $2.6M Loan For Development Site In Williamsburg, Brooklyn
30-32 Bartlett Street, Broadway Triangle, Brooklyn, NY, USA
$2,600,000
$113/SF
Building Size
23,000 SF
Asset Type
Development Site
Closing
Jan 20, 2021
About this deal
AI
Located in the vibrant neighborhood of Williamsburg, Brooklyn, a development site at 30-32 Bartlett Street has recently undergone a closed transaction. With a total buildable square footage (BSF) of 23,000, this asset presents an exciting opportunity for future development.
Summary of transaction details:
- Property Type: Development Site
- Market: Williamsburg, Brooklyn
- Address: 30-32 Bartlett Street
- BSF: 23,000
BridgeCity Capital, represented by Louis Lebovits and Moishe Loketch, provided a loan of $2,600,000 as part of this transaction. The loan term is set at 12 months, offering flexibility and support for the development plans.
Guiding this transaction is Martin Yakobovitch, the landlord involved in the deal. With their expertise and vision, this development site has found its path towards a promising future.
Players
Brooklyn 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
6.10%
Cash-on-Cash
-1.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93