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2433 Pitkin Ave, Brooklyn, ...

Private Investor Acquires Property At 2433 Pitkin Ave Brooklyn For $1.1M With Rep Jim McGuckin
SOLDDevelopment Site

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:

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

Jakub Nowak

Marcus & Millichap

Broker

$471.9M

vol

87 deals

Broker

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