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
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
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
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