facebook
Traded Co logo
Submit
Daily limit: 0/10

Yitzchok Schwartz Buys Development Site In Crown Heights, Brooklyn For $64M

Property Image
SOLD
$64,000,000

New York

See Similar Deals
Development Site177,600 SF
Sold 04/22/2024
the dealdetailscomps
Property Image
SOLD

Yitzchok Schwartz Buys Development Site In Crown Heights, Brooklyn For $64M

122 Montgomery Street & 960 Franklin Avenue

See Similar Deals
Development Site177,600 SF
Sold 04/22/2024
the dealdetailscomps

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$360
Total Square Footage:177,600 SF
Transaction Type:Sale

The development site located at 122 Montgomery Street and 960 Franklin Avenue in Crown Heights, Brooklyn, was acquired for $64 million by Yitzchok Schwartz through Franklin Plaza II LLC. The property spans 88,800 square feet, with a price per square foot of $721, and a buildable square footage of 203,682, equating to a price per buildable square foot of $314.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $64,000,000
  • Buyer: Yitzchok Schwartz
  • Seller: Isaac Hager & Daryl Hagler
  • Market: Crown Heights, Brooklyn

The transaction involved the sale of the development site to Yitzchok Schwartz by Isaac Hager and Daryl Hagler. Yitzchok Schwartz, operating through Franklin Plaza II LLC, finalized the acquisition of the property, marking a significant real estate deal in Crown Heights, Brooklyn.

Details

SOLD
IMAGE: 04/22/2024 ADDRESS: 122 Montgomery Street & 960 Franklin Avenue MARKET: Crown Heights, Brooklyn ASSET TYPE: Development Site BUYER: Yitzchok Schwartz SELLER: Isaac Hager & Daryl Hagler SALE PRICE: $64,000,000 BSF: 203,682 ~ PPBSF: $314 SF: 88,800 ~ PPSF: $721 NOTE: Yitzchok Schwartz, via Franklin Plaza II LLC, acquired a development site in Crown Heights, Brooklyn, comprising three tax lots at 122 Montgomery Street and 960 Franklin Avenue, for $64 million from Isaac Hager and Daryl Hagler.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,413,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$227,378.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$303,392.65
Annual Debt Service$3,640,711.82