Kahen Development Acquires Brooklyn Dev Site For $13.9M
SOLD
$13,900,000
New York
See Similar DealsDevelopment Site66,377 SF
Sold 12/01/2020
SOLD
Kahen Development Acquires Brooklyn Dev Site For $13.9M
1499 Bedford Ave, Brooklyn, NY 11216, USA
See Similar DealsDevelopment Site66,377 SF
Sold 12/01/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$209
Total Square Footage:66,377 SF
Transaction Type:Sale
An R7 zoned development site located at 1499 Bedford Avenue in Brooklyn has been sold for $13,900,000. The property has a total building square footage (BSF) of 66,377, resulting in a price per buildable square foot (PPBSF) of $209. The transaction involved the seller, Sanford Nager, and the buyer, Kahen Development. Itan Rahmani, Hirschy Zaks, and Ben Kopilev of an undisclosed brokerage served as the brokers in the deal.
Summary of transaction details
- Property Type: Dev Site
- Transaction Amount: $13,900,000
- Address: 1499 Bedford Avenue
- Market: Brooklyn
- Zoning: R7
- Built Square Footage (BSF): 66,377
- Price per Buildable Square Foot (PPBSF): $209
- Seller: Sanford Nager
- Buyer: Kahen Development
- Brokers: Itan Rahmani, Hirschy Zaks, Ben Kopilev
Itan Rahmani, Hirschy Zaks, and Ben Kopilev represented the buyer and seller in this transaction, acting as the brokers facilitating the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$741,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$49,383.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$65,893.09
Annual Debt Service$790,717.10
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