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.
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