Updated Oct 29, 2024
Sunshine Construction Acquires Development Site In Williamsburg, Brooklyn For $13.5M
203 N 11th St Brooklyn, NY 11211, USA
$13,500,000
Building Size
—
Asset Type
Development Site
Closing
Jun 12, 2023
About this deal
AI
Located at 203 North 11th Street in Williamsburg, Brooklyn, a development site has been sold in a closed transaction. The sale was facilitated by Michael Sherman of Baseline Real Estate Advisors.
Summary of transaction details
- Property Type: Development Site
- Sale Price: $13,500,000
- Building Square Footage: 29,997
- Price Per Building Square Foot: $450
The buyer, Sunshine Construction represented by Yisroel Greenfeld, acquired the property from the Omelan Family. This transaction marks a significant milestone for the development site market in Williamsburg, Brooklyn.
For further information on the exclusively marketed mixed-use/multifamily portfolios in prime Brooklyn and Manhattan, interested parties can reach out to Michael Sherman at [email protected].
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.18%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93