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21 Garden St #27, Brooklyn,...

Travis Stabler Acquires Development Site In Bushwick For $5.65M
SOLDDevelopment Site

Travis Stabler Acquires Development Site In Bushwick For $5.65M

21 Garden St #27, Brooklyn, NY 11206, USA

$5,650,000

$24/SF

Building Size

234,000 SF

Asset Type

Development Site

Closing

Feb 10, 2020

AI

A development site located at 21-27 Garden Street in Bushwick has been sold for a price of $5,650,000. The property has a buildable square footage (BSF) of 23,400 and the price per buildable square footage (PPBSF) is $241.

Summary of transation details

  • Property Type: Development Site
  • Transaction Amount: $5,650,000
  • Buildable Square Footage: 23,400
  • Price per Buildable Square Footage: $241
  • Address: 21-27 Garden Street, Bushwick

The seller of the property is Bill Goldstein, while the buyer is Travis Stabler. Michael Ferrara from @braxrealtynyc represented the seller in this transaction, and Roni Soleimani & Josh Pomerantz from @spcapitalgroup represented the buyer.

Note: This was the first time the property traded, indicating the initial sale of the development site.

Players

Travis Stabler

Rivington Company

Buyer

$74.7M

vol

5 deals

Buyer

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

2.81%

Cash-on-Cash

-0.80%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93