New Destiny Housing Corporation Acquires Development Site In Coney Island For $10.4M
SOLD
$10,400,000
New York
See Similar DealsDevelopment Site1,879,000 SF
Sold 11/21/2018
SOLD
New Destiny Housing Corporation Acquires Development Site In Coney Island For $10.4M
2006 Surf Ave, Brooklyn, NY 11224, USA
See Similar DealsDevelopment Site1,879,000 SF
Sold 11/21/2018
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$5
Total Square Footage:1,879,000 SF
Transaction Type:Sale
A development site located at 2006 Surf Avenue in Coney Island has been sold for a total price of $10,400,000. The property spans 187,900 square feet and consists of 216 units. The seller of the site is iStar, while the buyer is New Destiny Housing Corporation.
Summary of transation details
- Property Type: Development site
- Transaction Amount: $10,400,000
- Square Footage: 187,900
- Number of Units: 216
- Seller: iStar
- Buyer: New Destiny Housing Corporation
Jay Sugarman, the representative from iStar, facilitated the deal on behalf of the seller.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$554,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$36,949.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,301.31
Annual Debt Service$591,615.67
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