Updated Oct 29, 2024
The Dime Community Bank Provides $12.3M Construction Loan For Development Site On 437 88th St. In Bay Ridge
437 88th St, Brooklyn, NY 11209, USA
$12,300,000
$32/SF
Building Size
380,000 SF
Asset Type
Development Site
Closing
Nov 24, 2019
About this deal
AI
The development site located at 437 88th St. in Bay Ridge has recently undergone a closed transaction. The property, with a total square footage of 38,000, was involved in a construction loan deal.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $12,300,000
- Lender: The Dime Community Bank
- Landlord: Allied Properties
- Brokers: AJ Felberbaum, Jay Miller & Jeff Horowitz – Cooper Horowitz
The key individuals and companies involved in this transaction include AJ Felberbaum, Jay Miller, and Jeff Horowitz from Cooper Horowitz, who served as brokers. The loan amount of $12,300,000 was provided by The Dime Community Bank, and the property is owned by Allied Properties. No further information was available regarding this closed deal.
On the Map
$12,300,000
$32/SF
Development Site
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Players
New York 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
1.29%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93