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237 Montrose Ave, Brooklyn,...

Phil Miller Acquires Development Site On Montrose Avenue In Williamsburg, Brooklyn For $1.85M
SOLDDevelopment Site

Phil Miller Acquires Development Site On Montrose Avenue In Williamsburg, Brooklyn For $1.85M

237 Montrose Ave, Brooklyn, NY 11206, USA

$1,850,000

$246/SF

Building Size

7,500 SF

Asset Type

Development Site

Closing

Oct 31, 2019

AI

An undisclosed development site located at 237 Montrose Avenue in Williamsburg, Brooklyn has been sold in a closed property transaction. The site boasts a total buildable square footage (BSF) of 7,500, with a price per buildable square footage (PPBSF) of $246. The transaction took place between the seller, Anthony Lasaracina, and the buyer, Phil Miller, for a sale price of $1,850,000, which was also the asking price.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $1,850,000
  • Address: 237 Montrose Avenue
  • Market: Williamsburg, Brooklyn

The deal was facilitated by Luke Sproviero, Donal Flaherty, and Hakeem Lecky of Bestreich Realty Group, who acted as brokers representing both the buyer and the seller in the transaction.

No additional information regarding the property or the transaction is available at this time.

Players

Hakeem Lecky

Investment Property Realty Group (IPRG)

Broker

$91M

vol

31 deals

Broker
Donal Flaherty
Verified Badge

Donal Flaherty

Investment Property Realty Group (IPRG)

Broker

$367.7M

vol

101 deals

Broker

Phil Miller

Buyer

$13M

vol

5 deals

Buyer

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

8.57%

Cash-on-Cash

-2.45%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93