Marcus & Millichap Brokers Arrange $1.35M Loan For Development Site In Williamsburg/Greenpoint
419 Manhattan Ave, Brooklyn, NY 11222, USA
$1,350,000
$18/SF
Building Size
75,000 SF
Asset Type
Development Site
Closing
May 28, 2020
AI
A development site located at 419 Manhattan Ave. in the Williamsburg / Greenpoint border area was involved in a closed property transaction. The property, with a building square footage (BSF) of 7500, was purchased with a loan amount of $1,350,000. The transaction took place on 05/29/2020.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $1,350,000
- Address: 419 Manhattan Ave.
- Market: Williamsburg / Greenpoint border
Daria Benstead and Gerald Kray from Marcus & Millichap acted as the brokers in the deal.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
11.75%
Cash-on-Cash
-3.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93