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EJS Group Acquires Development Site In Bedford-Stuyvesant, Brooklyn For $33.1M

Property Image
SOLD
$33,100,000
Ethan Stanton
Brendan Maddigan
Winfield Clifford
+ 2

New York

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Development Site
Sold 03/02/2022
the dealplayerscompscontact
Property Image
SOLD

EJS Group Acquires Development Site In Bedford-Stuyvesant, Brooklyn For $33.1M

1215 Fulton Street, Brooklyn, New York 11216, United States

See Similar Deals
Development Site
Sold 03/02/2022
Ethan Stanton
Brendan Maddigan
Winfield Clifford
+ 2
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

A development site located at 1215 Fulton St. in Bedford-Stuyvesant, Brooklyn has been sold for a total sale price of $33,100,000. The property, situated in a prime location, offers a total buildable square footage (BSF) of 163,700. With a price-per-buildable-square-foot (PPBSF) of $202, this development site presents an incredible potential for growth and future opportunities.

Summary of Transaction Details:

  • Property Type: Development Site
  • Sale Price: $33,100,000
  • Address: 1215 Fulton St.
  • Market: Bedford-Stuyvesant, Brooklyn
  • Total BSF: 163,700
  • PPBSF: $202

EJS Group has acquired the development site, while The Collective acted as the seller in this transaction. The deal was facilitated by a team of brokers from JLL, including Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford. Their expertise and negotiation skills played a crucial role in ensuring a successful outcome for both parties involved.

Players

Brendan Maddigan
JLL
Brendan Maddigan
125 deals$4.7B volume(508) 733-8445
BROKER
Ethan Stanton
JLL
Ethan Stanton
133 deals$6.1B volume(516) 790-7718
BROKER
Winfield Clifford
JLL
Winfield Clifford
75 deals$2.6B volume(212) 376-5443
BROKER
Michael Mazzara
JLL
Michael Mazzara
111 deals$3.9B volume(212) 376-5450
BROKER
Stephen Palmese
JLL
Stephen Palmese
84 deals$3.3B volume(212) 376-1228
BROKER
EG
EJS Group
BUYER
TC
The Collective
SELLER

Details

SOLD
IMAGE: Brendan Maddigan, Ethan Stanton, Stephen Palmese, Winfield Clifford & Michael Mazzara DATE: 03/02/2022 ADDRESS: 1215 Fulton St. MARKET: Bedford-Stuyvesant, Brooklyn ASSET TYPE: Development Site BUYER: EJS Group SELLER: The Collective BROKERS: Brendan Maddigan (@BrendanMaddigan), Ethan Stanton, Stephen Palmese, Michael Mazzara & Winfield Clifford - JLL (@JLL) SALE PRICE: $33,100,000 BSF: 163,700 ~ PPBSF: $202

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,765,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$117,597.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$156,910.89
Annual Debt Service$1,882,930.64