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173 Kingsland Avenue, Brook...

Haim Kedmi Acquires Development Site In Greenpoint, Brooklyn For $1.35M
SOLDDevelopment Site

Haim Kedmi Acquires Development Site In Greenpoint, Brooklyn For $1.35M

173 Kingsland Avenue, Brooklyn, New York 11222, United States

$1,350,000

$270/SF

Building Size

5,000 SF

Asset Type

Development Site

Closing

Feb 9, 2022

AI

A development site located at 173 Kingsland Avenue in Greenpoint, Brooklyn has been sold for a price of $1,350,000. The property spans 5,000 square feet and offers a price per buildable square foot of $270.

Summary of transaction details

The buyer, Haim Kedmi, was represented by the brokerage team of Shaun Riney, Mike Salvatico, and Sam Leppo from NYM Group operating under Marcus & Millichap.

Players

Michael Salvatico

Marcus & Millichap

Broker

$795.9M

vol

175 deals

Broker
Shaun Riney
Verified Badge

Shaun Riney

Marcus & Millichap

Broker

$1.8B

vol

360 deals

Broker

Haim Kedmi

Buyer

$1.4M

vol

3 deals

Buyer

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

11.75%

Cash-on-Cash

-3.36%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93