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1216 Putnam Avenue

Ariel Property Advisors Sells Stalled Development Site In Bushwick For $1.6 Million
SOLDDevelopment Site

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

Sean R. Kelly, Esq.

Ariel Property Advisors

Broker

$529.8M

vol

56 deals

Broker

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