Private Investor Acquires Property At 2433 Pitkin Ave Brooklyn For $1.1M With Rep Jim McGuckin
2433 Pitkin Ave, Brooklyn, NY, 11208
$1,100,000
Building Size
—
Asset Type
Development Site
Closing
Nov 20, 2023
AI
The property involved in this transaction is a development site located at 2433 Pitkin Ave, Brooklyn, NY, 11208. The private investor acquired the site for $1,100,000.00. The site will be developed into a mixed-use property featuring 32 residential units and ground-floor retail space. The property is situated in the Brooklyn market and has a total square footage of 0.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,100,000.00
- Buyer's Representative: Jim McGuckin - Marcus & Millichap
- Buyer: Private Investor
- Seller's Representatives: Jakub Nowak, Jim McGuckin, and Thomas Brennan - Marcus & Millichap
- Seller: Private Investor
Jakub Nowak, Jim McGuckin, and Thomas Brennan of Marcus & Millichap represented both the buyer and the seller in this transaction. The involvement of these representatives played a crucial role in facilitating the deal between the two private investors.
Players
Brooklyn 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
14.42%
Cash-on-Cash
-4.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93