Updated Oct 29, 2024
Morelli Family Acquires Development Site In Brooklyn For $3.3M
190 Withers St Brooklyn, NY 11211, USA
$3,300,000
Building Size
—
Asset Type
Development Site
Closing
Jul 13, 2023
About this deal
AI
A development site located at 190 Withers Street in Brooklyn has been sold for a total price of $3,300,000. The property is situated in a prime location in the Brooklyn market. The development site has a buildable square footage (BSF) of 8,050 and a price per buildable square footage (PPBSF) of $410.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,300,000
- Address: 190 Withers Street
- Market: Brooklyn
- BSF: 8,050
- PPBSF: $410
The buyer of the development site is the Morelli Family. The deal was facilitated by Ripco, with Kevin Schmitz, Stephen R. Preuss Sr., Andreas Efthymiou, and Kevin Louie serving as the brokers representing the Morelli Family.
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
4.81%
Cash-on-Cash
-1.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93