Bungalow Projects Acquires Development Site From O'Connell Organization In Red Hook For $3M
SOLD
$3,000,000
+ 1
New York
See Similar DealsDevelopment Site1 SF
Sold 11/14/2024
SOLD
Bungalow Projects Acquires Development Site From O'Connell Organization In Red Hook For $3M
198 Conover Street
See Similar DealsDevelopment Site1 SF
Sold 11/14/2024
+ 1
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$3,000,000
Total Square Footage:1 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$160,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
Annual Debt Service$170,658.37
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