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Michael Vitucci & Mohammad Mahjooz Sell Development Site In Kensington, Brooklyn For $2.95M

Property Image
SOLD
$2,950,000

New York

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Development Site4,700 SF
Sold 09/29/2022
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Property Image
SOLD

Michael Vitucci & Mohammad Mahjooz Sell Development Site In Kensington, Brooklyn For $2.95M

Parkville Avenue

See Similar Deals
Development Site4,700 SF
Sold 09/29/2022
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$627
Total Square Footage:4,700 SF
Transaction Type:Sale

A development site located at 214-216 Parkville Avenue in Kensington, Brooklyn has been sold for $2,950,000. The property, which consists of two adjacent lots, offers a total of 18,800 square feet of buildable space. The sale includes the off-market opportunity to acquire a development site in a highly desirable location. The transaction took place on September 30, 2022.

Summary of transaction details:

  • Property Type: Development Site
  • Sale Price: $2,950,000
  • Address: 214-216 Parkville Avenue
  • Market: Kensington, Brooklyn
  • BSF (Buildable Square Footage): 18,800
  • PPBSF (Price per Buildable Square Foot): $157

Kelly Rogers from Living NY represented the sellers, Michael Vitucci and Mohammad Mahjooz, in this transaction. Developers interested in off-market development sites can contact Kelly Rogers at 646.512.1411 or [email protected].

Players

Kelly Rogers
Living New York
Kelly Rogers
6 deals$43.9M volume(646) 512-1411
BROKER

Details

SOLD
IMAGE: Kelly Rogers DATE: 09/30/2022 ADDRESS: 214-216 Parkville Avenue MARKET: Kensington, Brooklyn ASSET TYPE: Development Site SELLER: Michael Vitucci & Mohammad Mahjooz BROKER: Kelly Rogers (@KellyWalkerRogers) - Living NY (@LivingNY) SALE PRICE: $2,950,000 BSF: 18,800 ~ PPBSF: $157 NOTE FROM BROKER: Combined 2 adjacent lots offered together exclusively creating 18,800 of buildable sqft. Developers, contact me for off market development sites. 646.512.1411 [email protected]

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$157,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,480.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,984.51
Annual Debt Service$167,814.06