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Yitzchok Schwartz Acquires Development Site From Joseph Elishayev For $35.5 Million In Brooklyn
SOLD
$35,500,000
New York
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Sold
SOLD
Yitzchok Schwartz Acquires Development Site From Joseph Elishayev For $35.5 Million In Brooklyn
1101 Myrtle Avenue & 1123 Myrtle Avenue Bedford
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Sold
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 1101-1123 Myrtle Avenue in Bedford Stuyvesant, Brooklyn has been sold for $35,500,000. The property encompasses 120,000 square feet, resulting in a price per buildable square foot of $296. The buyer has plans for a residential project consisting of 77 units, which is currently awaiting permits.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,500,000
- Address: 1101-1123 Myrtle Avenue
- Market: Bedford Stuyvesant, Brooklyn
- Buildable Square Feet: 120,000
- Price Per Buildable Square Foot: $296
- Buyer: Yitzchok Schwartz
- Seller: Joseph Elishayev
Yitzchok Schwartz, representing Myrtle Estates II LLC, is the buyer in this transaction. The seller of the property is Joseph Elishayev, who has finalized the deal for the development site.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,893,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$126,124.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$168,288.11
Annual Debt Service$2,019,457.34
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