Updated Sep 9, 2024
Hirshmark Capital Acquires Development Site In Williamsburg For $11.5M
96 South 9th Street, Brooklyn, New York 11249, United States
$11,500,000
$270/SF
Building Size
42,525 SF
Asset Type
Development Site
Closing
Jul 25, 2022
About this deal
AI
The development site located at 96-100 S. 9th St. in Williamsburg was recently involved in a closed transaction. With a buildable square footage (BSF) of 36,500, this development site offers great potential for future construction projects.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $11,500,000
- Address: 96-100 S. 9th St.
- Market: Williamsburg
- Lender: Hirshmark Capital
- Landlord: Michael Weitzman
Bert R. Dweck, representing Hirshmark Capital, played a significant role in this transaction. As the broker, Bert R. Dweck facilitated the deal between the lender and the landlord. His expertise and negotiation skills were instrumental in bringing the parties together and ensuring a successful acquisition.
On the Map
$11,500,000
$270/SF
Development Site
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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
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93