Updated Oct 29, 2024
Avi Nahum Acquires Development Site In Brooklyn For $1.6M
1711 Gravesend Neck Road, Brooklyn, NY, USA
$1,600,000
$152/SF
Building Size
10,489 SF
Asset Type
Development Site
Closing
Oct 29, 2020
About this deal
AI
A development site located at 1711 Gravesend Neck Road in Brooklyn has been sold for $1,600,000. The property is situated in a C8-1 zoning area, making it suitable for development purposes. The site spans over 10,489 square feet and has a price per buildable square foot (PPBSF) of $152. The previous sale of the property occurred in September 2018 for $875,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $1,600,000
- Market: Brooklyn
- Address: 1711 Gravesend Neck Road
- Zoning: C8-1
- Seller: Arsen Atbashyan @CARealtyInc
- Buyer: Avi Nahum
- Last Sale Price: $875,000 (9/2018)
Avi Nahum has purchased the development site from seller Arsen Atbashyan, represented by CA Realty Inc. This transaction represents a substantial increase in value since the previous sale of the property in 2018.
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
9.91%
Cash-on-Cash
-2.83%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93