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2657 East 66th Street

The Alkaslasi Family Acquires Development Site In Mill Basin, Brooklyn For $3.45M
SOLDDevelopment Site

The Alkaslasi Family Acquires Development Site In Mill Basin, Brooklyn For $3.45M

2657 East 66th Street

$3,450,000

Building Size

Asset Type

Development Site

Closing

Dec 22, 2023

AI

The development site located at 2657 East 66th Street in Mill Basin, Brooklyn has been sold in a closed transaction. The property spans a total lot size of 41,752 square feet. The sale price for this development site was $3,450,000.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $3,450,000
  • Lot Size: 41,752 square feet
  • Address: 2657 East 66th Street, Mill Basin, Brooklyn

The buyer of this development site is The Alkaslasi Family, while the seller is The Kamali Family. The transaction was facilitated by the brokers Stephen R. Preuss Sr., Andreas Efthymiou, Alex Svetlakou, and Kevin Schmitz from Ripco.

Players

Alex Svetlakou

Ripco

Broker

$34.5M

vol

12 deals

Broker

Brooklyn 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

4.60%

Cash-on-Cash

-1.31%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93