Updated Mar 4, 2025
Steven Hurwitz Of CAVU Property Group Acquires Development Site In Midwood From Elliott Chehebar Of The Jackson Group For $12.8M
2251 Nostrand Ave. Brooklyn, NY 11210, USA
$12,800,000
Building Size
—
Asset Type
Development Site
Closing
May 23, 2023
About this deal
AI
The development site located at 2251 Nostrand Avenue in Midwood has been sold for a price of $12,800,000. The property consists of a development site with a buildable square footage (BSF) of 75,000 as of right, with a PPBSF (price per buildable square foot) of $170.66. Additionally, the property has a community facility, which brings the total BSF to 91,969.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $12,800,000
- Address: 2251 Nostrand Avenue
- Market: Midwood
The seller of this development site is Elliott Chehebar, representing The Jackson Group. The buyer is Steven Hurwitz of CAVU Property Group. The transaction was facilitated by brokers Sean Kelly, Lawrence Sarn, and Shimon Shkury from Ariel Property Advisors.
On the Map
$12,800,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.24%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93