BridgeCity Provides $2.6M Loan For Brooklyn Development Site
494 E 23rd St, Brooklyn, NY 11226, USA
$2,600,000
$133/SF
Building Size
19,521 SF
Asset Type
Development Site
Closing
Jul 7, 2019
AI
A development site located at 494 East 23rd Street in Brooklyn has been transacted. The property spans approximately 20,000 square feet and was sold for a loan amount of $2,600,000. The lender involved in the transaction is BridgeCity and the landlord is Joseph Banda.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,600,000
- Square Footage: 20,000
- Address: 494 East 23rd Street
- Market: Brooklyn
- Lender: BridgeCity
- Landlord: Joseph Banda
The deal was facilitated by Louis Lebovits of Moishe Loketch agency. Its representative in the transaction is Louis Lebovits from Moishe Loketch agency.
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
6.10%
Cash-on-Cash
-1.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93