Updated Mar 17, 2025
Moinian Group Acquires 1640 Flatbush Ave Development Site In East Flatbush For $16.2M
1640 Flatbush Ave, Brooklyn, NY 11210, USA
$16,200,000
$15/SF
Building Size
1,082,700 SF
Asset Type
Development Site
Closing
Dec 29, 2019
About this deal
AI
A development site in East Flatbush, located at 1640 Flatbush Ave, has been sold for $16,200,000. The property is classified as a mixed-use development site and spans a total area of 108,270 square feet. The price per square foot for this transaction is $149. The site is zoned under C4-4D zoning regulations with a floor area ratio (FAR) of 6.02.
Summary of transaction details
- Property Type: Development Site (Mixed-Use)
- Transaction Amount: $16,200,000
- BSF: 108,270 square feet
- PPBSF: $149
- Zoning: C4-4D
- FAR: 6.02
The buyer of the property is the Moinian Group, while the seller is SL Green Realty. It is worth noting that SL Green initially purchased the lot from the Stahl Organization back in 2015 for $6.8 million.
Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93