Michael Vitucci & Mohammad Mahjooz Sell Development Site In Kensington, Brooklyn For $2.95M
Parkville Avenue
$2,950,000
$627/SF
Building Size
4,700 SF
Asset Type
Development Site
Closing
Sep 29, 2022
AI
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
New York 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
5.38%
Cash-on-Cash
-1.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93