Joel Landau Refinances Development Site In Bedford-Stuyvesant For $26.5M
600 Dekalb Avenue, Brooklyn, New York 11205, United States
$26,500,000
$139/SF
Building Size
190,400 SF
Asset Type
Development Site
Closing
Apr 13, 2022
AI
A development site located at 600 Dekalb Avenue in Bedford-Stuyvesant has been refinanced for a loan amount of $26,500,000. The property, with an estimated buildable square footage (BSF) of 190,400, is situated in a prime market area. The loan, obtained from Metropolitan Commercial Bank, will be used to refinance the property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $26,500,000
- Address: 600 Dekalb Avenue
- Market: Bedford-Stuyvesant
- BSF: 190,400
- Lender: Metropolitan Commercial Bank
- Landlord: Joel Landau
- Loan Type: Refinance
Joel Landau, the landlord of the property, was responsible for securing the loan from Metropolitan Commercial Bank for the refinancing of the development site. Through this transaction, Landau aims to optimize the financial aspects of the property.
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
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93