Updated Dec 21, 2023
Joe Lati Acquires Development Site In Brooklyn For $2M
1611 Cedar Street, Brooklyn, NY, USA
$2,000,500
$117/SF
Building Size
17,080 SF
Asset Type
Development Site
Closing
Apr 21, 2021
About this deal
AI
A development site located at 1611-1615 Cedar St. in Brooklyn has been sold for $2,000,500. The property, which spans 17,080 square feet, was listed with an asking price of $2,100,000. The buyer, Joe Lati, acquired the site from seller Ramaz Mitaishvily. The sale was facilitated by Rebecca Elston of Rebecca Elston and Rebec Caelston.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,000,500
- Address: 1611-1615 Cedar St., Brooklyn
- Market: Brooklyn
- Zoning: R7A, C2-3
- BSF: 17,080
- Price Per BSF: $117
A full demolition permit was filed for the property in March 2021.
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
7.93%
Cash-on-Cash
-2.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93