Ratanji Hotels Acquires Development Site On Nostrand Avenue In Midwood, Brooklyn For $6.15M
2251 Nostrand Ave, Brooklyn, NY 11210, USA
$6,150,000
$219/SF
Building Size
28,000 SF
Asset Type
Development Site
Closing
Jul 1, 2020
AI
A development site located at 2251 Nostrand Avenue in Midwood, Brooklyn has been sold in a closed transaction. The property features a total of 28,000 square feet of buildable space. The sale price was $6,150,000, resulting in a price per buildable square foot of $220.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,150,000
- Address: 2251 Nostrand Avenue, Midwood, Brooklyn
- Market: Midwood, Brooklyn
The seller, The Jackson Group, was represented by Elliot Chehabar. The buyer, Ratanji Hotels, was represented by Mahesh Ratanji. The deal was facilitated by brokers Shay Zach and Hen Vaknin.
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
2.58%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93