Ariel Property Advisors Sells Stalled Development Site In Bushwick For $1.6 Million
1216 Putnam Avenue
$1,600,000
Building Size
—
Asset Type
Development Site
Closing
Oct 18, 2024
AI
The asset involved in this transaction is a stalled development site located at 1216 Putnam Avenue in the Bushwick market. The property was sold for a price of $1,600,000, covering a total area of 4,836 square feet, which results in a price per square foot of $330. The development site was approximately 70% complete but had deteriorated due to exposure to the elements.
Summary of transaction details:
- Property Type: Stalled Development Site
- Transaction Amount: $1,600,000
- Address: 1216 Putnam Avenue
- Market: Bushwick
- Building Square Footage: 4,836
- Price per Square Foot: $330
- Broker Representatives: Benjamin Vago & Sean R. Kelly - Ariel Property Advisors
The transaction saw a team from Ariel Property Advisors, led by broker Benjamin Vago, successfully navigate a thorough marketing process that resulted in 15 offers for the property. This deal reflects the proficiency of the team in handling properties in challenging conditions.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.91%
Cash-on-Cash
-2.83%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93