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201 Varet Street

Tuzzolo Family Sells Paved Parking Lot In Williamsburg For $2 Million With Brokers Benjamin Vago & Sean R. Kelly
SOLDDevelopment Site

Tuzzolo Family Sells Paved Parking Lot In Williamsburg For $2 Million With Brokers Benjamin Vago & Sean R. Kelly

201 Varet Street

$2,000,000

Building Size

Asset Type

Development Site

Closing

Sep 25, 2024

AI

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.

Players

Sean R. Kelly, Esq.

Ariel Property Advisors

Broker

$529.8M

vol

56 deals

Broker

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

7.93%

Cash-on-Cash

-2.27%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93