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Michael J. Levy And Andrew Bradfield Acquire Development Site In Brooklyn For $9 Million

Property Image
SOLD
$9,000,000
Richard (Rich) Velotta
Sam Perry

New York

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Development Site32,000 SF
Sold 02/07/2025
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Property Image
SOLD

Michael J. Levy And Andrew Bradfield Acquire Development Site In Brooklyn For $9 Million

257 Washington Avenue

See Similar Deals
Development Site32,000 SF
Sold 02/07/2025
Richard (Rich) Velotta
Sam Perry
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$281
Total Square Footage:32,000 SF
Transaction Type:Sale

The asset involved in the transaction is a development site located at 257 Washington Avenue in Brooklyn. The sale price of the property was $9,000,000, with a total built square footage of 34,000 and a price per built square foot of $265.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $9,000,000
  • Buyer: Michael J. Levy & Andrew Bradfield
  • Seller: KSR Capital - Morris Sabbagh
  • Broker: Richard Velotta & Sam Perry - Raven Property Advisors
  • Built Square Footage: 34,000
  • Price per Built Square Foot: $265

The transaction involved buyers Michael J. Levy and Andrew Bradfield acquiring the property from seller KSR Capital, represented by Morris Sabbagh. The deal was facilitated by brokers Richard Velotta and Sam Perry from Raven Property Advisors, showcasing their role in the negotiation and closing process of this development site transaction.

Players

Richard (Rich) Velotta
Raven Property Advisors
Richard Velotta
29 deals$402.4M volume
BROKER
Sam Perry
Raven Property Advisors
Sam Perry
8 deals$58.7M volume
BROKER

Details

SOLD
IMAGE: Richard Velotta, Sam Perry, Michael J. Levy, Andrew Bradfield & Morris Sabbagh DATE: 02/07/2025 ADDRESS: 257 Washington Avenue MARKET: Brooklyn ASSET TYPE: Development Site BUYER: Michael J. Levy & Andrew Bradfield SELLER: KSR Capital - Morris Sabbagh BROKER: Richard Velotta (@TeamVelotta) & Sam Perry - Raven Property Advisors (@RavenPropertyAdvisors) SALE PRICE: $9,000,000 BSF: 34,000 ~ PPBSF: $265 BSF: 34,000 ~ PPBSF: $265

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$480,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10