Updated Oct 29, 2024
New Destiny Housing Corporation Acquires Development Site In Coney Island For $10.4M
2006 Surf Ave, Brooklyn, NY 11224, USA
$10,400,000
$5/SF
Building Size
1,879,000 SF
Asset Type
Development Site
Closing
Nov 20, 2018
About this deal
AI
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.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.53%
Cash-on-Cash
-0.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93