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1351 Dekalb Avenue

Updated Dec 4, 2024

Yotam Michaeli Acquires Development Site In Bushwick, Brooklyn For $3.5M
SOLDDevelopment Site

Yotam Michaeli Acquires Development Site In Bushwick, Brooklyn For $3.5M

1351 Dekalb Avenue

$3,500,000

$134/SF

Building Size

26,053 SF

Asset Type

Development Site

Closing

Dec 7, 2023

About this deal

AI

1351 Dekalb Avenue, a development site located in the Bushwick neighborhood of Brooklyn, has been sold for $3,500,000. The property is a 75 x 114 development site with R6 zoning. It has a total buildable square footage of 18,810. The plans for the site include a five-story building with 27 units, consisting of six studio units, twelve 1-bedroom units, and nine 2-bedroom units. Additionally, the development features 4,547 square feet of community facility space and 14 parking spaces. The property was sold following an aggressive marketing process that resulted in over nine competitive offers. The transaction closed after a 2-week time of essence period.

Summary of transation details:

Schuckman Realty INC facilitated the sale of 1351 Dekalb Avenue. The brokers involved in the transaction were Baruch Edelkopf and Joseph Rosenfeld from Schuckman Realty. They conducted an aggressive marketing process that generated strong interest and resulted in over nine competitive offers. If you are interested in buying or selling 421A development sites, you can contact Baruch Edelkopf at 646-919-2446 or Joseph Rosenfeld at 718-501-8294.

On the Map

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$3,500,000

$134/SF

Development Site

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Players

Joseph Rosenfeld

Beacon Investment Sales & Advisory

Broker

$63.3M

vol

15 deals

Broker

Yotam Michaeli

Buyer

$7M

vol

2 deals

Buyer
Bilt advertisement

Brooklyn Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Deal FAQ

About $134 per square foot on a published $3.5M for 26,053 square feet (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.53%

Cash-on-Cash

-1.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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