Updated Dec 4, 2024
Bungalow Projects Acquires Development Site From O'Connell Organization In Red Hook For $3M
198 Conover Street
$3,000,000
$3,000,000/SF
Building Size
1 SF
Asset Type
Development Site
Closing
Nov 14, 2024
About this deal
AI
This development site located at 198 Conover Street in the Red Hook market was sold for $3,000,000. The property has a building square footage (BSF) of 5,000, resulting in a price per building square foot (PPBSF) of $600.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,000,000
- BSF: 5,000
- PPBSF: $600
- Buyer: Bungalow Projects
- Seller: O'Connell Organization
- Brokers: David Behin, Daniel O'Brien, Caroline Hodes & Robert Ferman - Newmark
The transaction involved Bungalow Projects as the buyer and O'Connell Organization as the seller, with representation from brokers David Behin, Daniel O'Brien, Caroline Hodes, and Robert Ferman of Newmark, facilitating the deal in the Red Hook area.
On the Map
$3,000,000
$3,000,000/SF
Development Site
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Players
Brooklyn 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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93