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Angelo Rigaspark Acquires Park Slope Development Site For $33M

Property Image
SOLD
$33,000,000
Casey Begoon
Daniel (Dan) O'Brien
Caroline Hodes
+ 1

New York

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Development Site150,000 SF
Sold 06/24/2021
the dealplayerscompscontact
Property Image
SOLD

Angelo Rigaspark Acquires Park Slope Development Site For $33M

263 Prospect Avenue, South Slope, Brooklyn, NY, USA

See Similar Deals
Development Site150,000 SF
Sold 06/24/2021
Casey Begoon
Daniel (Dan) O'Brien
Caroline Hodes
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$220
Total Square Footage:150,000 SF
Transaction Type:Sale

Located in Park Slope, the development site at 263 Prospect Avenue has recently been sold for a staggering $33,000,000. The property spans 150,000 square feet, with a price per buildable square foot (PPBSF) of $220. The transaction took place on June 24, 2021.

Summary of transaction details:

The deal was facilitated by Dan O'Brien, George Giannopoulos, Caroline Hodes, and Casey Begoon from Cushman & Wakefield. Their expertise and representation were instrumental in the successful completion of the transaction.

Players

Caroline Hodes
Newmark
Caroline Hodes
93 deals$1.8B volume(516) 263-9404
BROKER
Casey Begoon
Cushman & Wakefield
Casey Begoon
8 deals$52.4M volume
BROKER
George Giannopoulos
Cushman & Wakefield
George Giannopoulos
3 deals$44M volume
BROKER
Daniel (Dan) O'Brien
Newmark
Daniel O'Brien
145 deals$4.6B volume(212) 698-5584
BROKER

Details

SOLD
IMAGE: Caroline Hodes, Dan O'Brien & Casey Begoon DATE: 06/24/2021 ADDRESS: 263 Prospect Avenue MARKET: Park Slope ASSET TYPE: Development Site BUYER: Angelo Rigaspark SELLER: Alice Halkias SELLER’S REP: Cushman & Wakefield @cushwake - Dan O'Brien, George Giannopoulos, Caroline Hodes & Casey Begoon SALE PRICE: $33,000,000 BSF: 150,000 ~ PPBSF: $220

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

$1,759,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$117,242.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$156,436.84
Annual Debt Service$1,877,242.03