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Joel Braver's Express Builders Acquires Development Site In Williamsburg For $3.1M
SOLD
$3,100,000
New York
See Similar DealsDevelopment Site
Sold 04/18/2024
SOLD
Joel Braver's Express Builders Acquires Development Site In Williamsburg For $3.1M
100 Rutledge Street & 102 Rutledge Street
See Similar DealsDevelopment Site
Sold 04/18/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
The development site at 100-102 Rutledge Street in Williamsburg, Brooklyn, was sold for $3.1 million. The property boasts a building square footage of 9,720 with a price per square foot of $319.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,100,000
- Address: 100-102 Rutledge Street
- Market: Williamsburg, Brooklyn
- Buyer: Joel Braver - Express Builders
- Seller: Meilech Spitzer - Kahal Toldos Tzvi D’Spinka
Joel Braver's Express Builders, represented by 100 Rutledge LLC, acquired the development parcels from the religious group Kahal Toldos Tzvi D’Spinka in this transaction.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$165,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,013.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,695.58
Annual Debt Service$176,346.98
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