Updated Oct 25, 2024
Abe Friedman Acquires Development Site On 176 Central Avenue In Bushwick, Brooklyn For $4.25M
176 Central Avenue, Bushwick, Brooklyn, NY, USA
$4,250,000
$182/SF
Building Size
23,320 SF
Asset Type
Development Site
Closing
Nov 23, 2020
About this deal
AI
Located at 176 Central Avenue in Bushwick, Brooklyn, this development site was recently sold for a price of $4,250,000. The property, situated on a 73.5 ft x 150.33 ft lot, offers a total square footage (BSF) of 23,320. With a zoning classification of R6, this site presents an excellent opportunity for further development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,250,000
- Address: 176 Central Avenue
- Market: Bushwick, Brooklyn
- Zoning: R6
Leading the deal were Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila of Bestreich Realty Group, who represented both the buyer and seller. Their expertise and negotiation skills were instrumental in successfully closing this transaction.
Players
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
3.73%
Cash-on-Cash
-1.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93