Updated Sep 9, 2024
Bridge City Capital Provides $3.3M Loan For Development Site At 590-594 Myrtle Avenue In Brooklyn
590 Myrtle Ave, Brooklyn, NY 11205, USA
$3,300,000
$19/SF
Building Size
168,330 SF
Asset Type
Development Site
Closing
Feb 25, 2020
About this deal
AI
Located in Brooklyn, the development site at 590-594 Myrtle Avenue recently underwent a closed transaction. The loan amount for this property was $3,300,000, with a total square footage of 16,833. The lender involved in this transaction was Bridge City Capital.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,300,000
- Address: 590-594 Myrtle Avenue, Brooklyn
- Square Footage: 16,833
Moses Karpen acted as the landlord, while Gavin Ralbag of Gold Edge Capital represented both the buyer and the seller as the broker. Moishe Loketch, Gavin Ralbag, and Louis Lebovits can be seen in the provided image accompanying the announcement of the transaction on Instagram.
On the Map
$3,300,000
$19/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.81%
Cash-on-Cash
-1.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93