Blue Elm NY Acquires Development Site In Brownsville For $700K
1319 East New York Avenue, Brooklyn, New York 11212, United States
$700,000
$90/SF
Building Size
7,722 SF
Asset Type
Development Site
Closing
Mar 14, 2022
AI
A development site located at 1319 E. New York Ave. in Brownsville has been sold for $700,000. The property spans a total of 7,722 square feet, resulting in a price per square foot of $90. Michael Murphy of B6 Real Estate Advisors represented both the buyer, Blue Elm NY, and the seller, Edward Brown Jr., in the transaction.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $700,000
- Address: 1319 E. New York Ave.
- Market: Brownsville
Blue Elm NY, represented by Lazar Katz, acquired the property from Edward Brown Jr. The deal was facilitated by Michael Murphy of B6 Real Estate Advisors, who acted as the broker for both parties involved.
Players
New York 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
22.66%
Cash-on-Cash
-6.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93