Updated Oct 29, 2024
Serabjit Singh Acquires Development Site In Brooklyn For $13.5M
257 Washington Ave, Brooklyn, NY 11205, USA
$13,500,000
$421/SF
Building Size
32,000 SF
Asset Type
Development Site
Closing
Aug 4, 2019
About this deal
AI
A development site located at 257 Washington Avenue in Brooklyn's Clinton Hill neighborhood has been sold for $13,500,000. The property spans 32,000 square feet, resulting in a price per buildable square foot of $421. The transaction involved buyer Serabjit Singh and seller Brookland Capital.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $13,500,000
- Address: 257 Washington Avenue
- Market: Brooklyn, Clinton Hill
- Buyer: Serabjit Singh
- Seller: Brookland Capital
The deal was facilitated by Dan Marks, Dan Lebor, and Mike Rafter of TerraCRG, who represented the buyer and seller in the transaction.
On the Map
$13,500,000
$421/SF
Development Site
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Players
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
1.18%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93