Tuzzolo Family Sells Paved Parking Lot In Williamsburg For $2 Million With Brokers Benjamin Vago & Sean R. Kelly
SOLD
$2,000,000
New York
See Similar DealsDevelopment Site
Sold 09/25/2024
SOLD
Tuzzolo Family Sells Paved Parking Lot In Williamsburg For $2 Million With Brokers Benjamin Vago & Sean R. Kelly
201 Varet Street
See Similar DealsDevelopment Site
Sold 09/25/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
The transaction involved a paved parking lot located at 201 Varet Street in the Williamsburg market. The property sold for $2,000,000, with a price per square foot of $400.
Summary of transaction details:
- Property Type: Paved Parking Lot
- Transaction Amount: $2,000,000
- Address: 201 Varet Street
- Market: Williamsburg
- Seller: Tuzzolo family
- Brokers: Benjamin Vago & Sean R. Kelly - Ariel Property Advisors
Benjamin Vago and Sean R. Kelly represented the seller, the Tuzzolo family, in this transaction. Their collaboration underscores the role of brokerage in facilitating the deal within the competitive real estate market of Williamsburg.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$106,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$7,105.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,481.02
Annual Debt Service$113,772.24
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