Updated Feb 16, 2024
386 Leonard Street Development Site In Williamsburg Acquired By BridgeCity Capital For $2.9M
386 Leonard St, Brooklyn, NY 11211, USA
$2,900,000
$48/SF
Building Size
60,000 SF
Asset Type
Development Site
Closing
Dec 23, 2019
About this deal
AI
A development site located at 386 Leonard Street in Williamsburg has been sold in a closed transaction. The property spans 6,000 square feet and consists of 6 residential units and 1 commercial unit. The transaction was facilitated by brokers Moishe Loketch and Louis Lebovits from the Loketch Group.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: Not provided
- Address: 386 Leonard Street, Williamsburg
- Market: Williamsburg
Moishe Loketch and Louis Lebovits from the Loketch Group represented the buyer in this transaction. The lender for the deal was BridgeCity Capital, providing a loan amount of $2,900,000 with a term of 24 months and a LIBOR + 6.72 interest rate. The landlord of the property is Eli Pavel.
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
5.47%
Cash-on-Cash
-1.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93