Updated Dec 21, 2023
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
About this deal
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.
On the Map
$2,600,000
$133/SF
Development Site
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Players
Brooklyn 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