Michael Pitman Acquires Development Site In Williamsburg From The Nunziata Family For $1.93M
SOLD
$1,930,000
New York
See Similar DealsDevelopment Site5,000 SF
Sold 11/05/2021
SOLD
Michael Pitman Acquires Development Site In Williamsburg From The Nunziata Family For $1.93M
25 Conselyea St, Williamsburg, Brooklyn, NY, USA
See Similar DealsDevelopment Site5,000 SF
Sold 11/05/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$386
Total Square Footage:5,000 SF
Transaction Type:Sale
Located at 25 Conselyea St. in Williamsburg, this development site was recently sold in a closed transaction. The property is zoned as R6B and offers great potential for future development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $1,930,000
- Address: 25 Conselyea St., Williamsburg
- Market: Williamsburg
- Zoning: R6B
The buyer of the property is Michael Pitman, while the seller is The Nunziata Family. The deal was facilitated by brokers Danny Duffoo from Douglas Elliman and Michal Kuras from William Green RE. The transaction took place on November 5, 2021.
The asking price for the property was $2,200,000, and it was sold for $1,930,000. The property offers a buildable square footage of 5,000, with a price per buildable square foot of $386.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$102,933.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,856.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,149.18
Annual Debt Service$109,790.22
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