Joe Lati Acquires Development Site In Brooklyn For $2M
SOLD
$2,000,500
New York
See Similar DealsDevelopment Site17,080 SF
Sold 04/22/2021
SOLD
Joe Lati Acquires Development Site In Brooklyn For $2M
1611 Cedar Street, Brooklyn, NY, USA
See Similar DealsDevelopment Site17,080 SF
Sold 04/22/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$117
Total Square Footage:17,080 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$106,693.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$7,107.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,483.39
Annual Debt Service$113,800.69
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