Serabjit Singh Acquires Development Site In Brooklyn For $13.5M
SOLD
$13,500,000
New York
See Similar DealsDevelopment Site32,000 SF
Sold 08/05/2019
SOLD
Serabjit Singh Acquires Development Site In Brooklyn For $13.5M
257 Washington Ave, Brooklyn, NY 11205, USA
See Similar DealsDevelopment Site32,000 SF
Sold 08/05/2019
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$421
Total Square Footage:32,000 SF
Transaction Type:Sale
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.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$720,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$47,962.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,996.89
Annual Debt Service$767,962.65
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