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Katz Family Acquires Development Site In Midwood, Brooklyn For $1.95M

Property Image
SOLD
$1,950,000
Eli Soleimani
Joshua "Josh" Pomerantz
Jacob Stavsky

New York

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Development Site18,000 SF
Sold 08/10/2023
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Property Image
SOLD

Katz Family Acquires Development Site In Midwood, Brooklyn For $1.95M

1688 E 18th St Brooklyn, NY 11229, USA

See Similar Deals
Development Site18,000 SF
Sold 08/10/2023
Eli Soleimani
Joshua "Josh" Pomerantz
Jacob Stavsky
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$108
Total Square Footage:18,000 SF
Transaction Type:Sale

A development site located at 1688 East 18th Street in Midwood, Brooklyn, has been sold in a recent transaction. The property, with a building square footage (BSF) of 18,000, was purchased for a sale price of $1,950,000. The price per building square footage (PPBSF) amounts to $108, indicating a favorable investment opportunity.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $1,950,000
  • Address: 1688 East 18th Street
  • Market: Midwood, Brooklyn

The sale of this development site was facilitated by brokers Jacob Stavsky from Stav Equities and Eli Soleimani from SP Capital Group. Jacob Stavsky, known for his expertise in property transactions, represented the buyer, the Katz Family. On the other hand, Eli Soleimani served as the representative of the seller, Rabbi Haimoff. Through their combined efforts, the deal was successfully closed at a mutually beneficial price.

Players

Jacob Stavsky
Stav Equities LLC
Jacob Stavsky
29 deals$175.2M volume(201) 566-6150
BROKER
Joshua "Josh" Pomerantz
SP Capital Group
Joshua Pomerantz
31 deals$142.6M volume(212) 235-2764
BROKER
Eli Soleimani
SP Capital Group
Eli Soleimani
4 deals$20.3M volume
BROKER

Details

SOLD
IMAGE: Jacob Stavsky & Eli Soleimani DATE: 08/10/2023 ADDRESS: 1688 East 18th Street MARKET: Midwood, Brooklyn ASSET TYPE: Development Site BUYER: Katz Family SELLER: Rabbi Haimoff BROKERS: Jacob Stavsky - Stav Equities (@Stav_equities)& Eli Soleimani (@EliSoleimani) - SP Capital Group (@SPCapitalGroup) SALE PRICE: $1,950,000 BSF: 18,000 ~ PPBSF: $108

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$103,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,927.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,243.99
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