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166-174 Kings Highway, Broo...

Abe Betesh & Joey Betesh Acquire Development Site On Kings Highway, Brooklyn For $4.8M
SOLDDevelopment Site

Abe Betesh & Joey Betesh Acquire Development Site On Kings Highway, Brooklyn For $4.8M

166-174 Kings Highway, Brooklyn, NY, USA

$4,800,000

$275/SF

Building Size

17,425 SF

Asset Type

Development Site

Closing

Mar 22, 2021

AI

A development site located at 166-174 Kings Highway in Brooklyn has been sold for a price of $4,800,000. The property spans a lot size of 17,425 square feet. The asset falls under the R6B and C2-3 zoning designations.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $4,800,000
  • Address: 166-174 Kings Highway, Brooklyn
  • Market: Brooklyn
  • Zoning: R6B, C2-3

Abe Betesh and Joey Betesh from The Abeco Organization have purchased the property from Rosemawr Management. The transaction was facilitated by Robert Frost from Signature Partners LLC.

Players

Robert Frost

Broker

$4.8M

vol

1 deal

Broker
Abe Betesh

Abe Betesh

The Abeco Organization

Buyer

$52.6M

vol

9 deals

Buyer
TO
The Abeco OrganizationBuyer
RM
Rosemawr ManagementSeller

New York Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.30%

Cash-on-Cash

-0.94%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93