Updated Dec 4, 2024
Yitzchok Schwartz Buys Development Site In Crown Heights, Brooklyn For $64M
122 Montgomery Street & 960 Franklin Avenue
$64,000,000
$360/SF
Building Size
88,800 SF
Asset Type
Development Site
Closing
Apr 22, 2024
About this deal
AI
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.
On the Map
$64,000,000
$360/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93