Updated Feb 16, 2024
BridgeCity Capital Provides $4.4M Loan For Greenpoint Development Site
494 Manhattan Ave, Brooklyn, NY 11222, USA
$4,400,000
$27/SF
Building Size
158,030 SF
Asset Type
Development Site
Closing
Jan 28, 2020
About this deal
AI
A development site located at 494-500 Manhattan Avenue in Greenpoint, Williamsburg has been recently transacted. The property spans 15,803 square feet and the transaction involved a loan amount of $4,400,000 from BridgeCity Capital. The loan term for this transaction is set at 12 months. The property was owned by Gerald Wetzel.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $4,400,000
- Square Footage: 15,803
- Lender: BridgeCity Capital
- Loan Term: 12 months
- Landlord: Gerald Wetzel
Moishe Loketch, Louis Lebovits, and Pinny Loketch were involved in the transaction as key individuals in representing their respective parties.
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
3.61%
Cash-on-Cash
-1.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93