Updated Oct 29, 2024
Concern Housing Acquires Development Site In East New York For $4.4M By Buyer & Seller Rep Shay Zach
2602 Pitkin Avenue, East New York, Brooklyn, NY, USA
$4,375,000
$81/SF
Building Size
54,000 SF
Asset Type
Development Site
Closing
Feb 10, 2021
About this deal
AI
The development site located at 2602 Pitkin Ave. in East New York has been sold for a total of $4,375,000. The property, which includes air rights, was purchased by Concern Housing from the Ahdoot Family. The site spans a total of 54,000 square feet and is zoned for R7A, C2-4, and EC-5 development. The sale price equates to $81 per square foot.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,375,000
- Address: 2602 Pitkin Ave.
- Market: East New York
- Zoning: R7A, C2-4, EC-5
- Buyer: Concern Housing
- Seller: Ahdoot Family
- Broker: Shay Zach - (Buyer & Seller Rep) @GPGNYC
- Asking Price: $4,600,000
- Building Square Footage: 54,000
- Price per Square Foot: $81
Shay Zach of GPGNYC represented both the buyer and seller in the transaction. For more information, interested parties can contact Shay Zach at 212-359-5060 or via email at [email protected].
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.63%
Cash-on-Cash
-1.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93