Yossi Rubin Acquires Development Site In Brooklyn's Flatbush For $2.27M
191 Veronica Place, Little Caribbean, Brooklyn, NY, USA
$2,270,000
$128/SF
Building Size
17,649 SF
Asset Type
Development Site
Closing
May 7, 2019
AI
The development site located at 191-193 Veronica Pl in Brooklyn's Flatbush neighborhood has been sold for a total of $2,270,000. The property was purchased by Yossi Rubin from the Living Trust of Horace K Michael and Delphia Michael. The sale was facilitated by the brokers from Westbridge Realty Group, Steven Westreich and Ari Benyacov.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,270,000
- Address: 191-193 Veronica Pl, Brooklyn, Flatbush
- Market: Brooklyn, Flatbush
- Seller: Living Trust of Horace K Michael & Delphia Michael
- Buyer: Yossi Rubin
- Brokers: Westbridge Realty Group - Steven Westreich & Ari Benyacov
The development site has a building square footage of 17,649, resulting in a price per buildable square footage of $128. The acquisition offers significant potential for development in the thriving Brooklyn market.
Players
Brooklyn 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
6.99%
Cash-on-Cash
-2.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93