SOLDDevelopment Site
Gary Segal Acquires Development Site In Coney Island, Brooklyn For $22.6M - Starrett Companies Sells
2713 W 33rd St Brooklyn, NY 11224, USA
$22,650,000
$56/SF
Building Size
400,000 SF
Asset Type
Development Site
Closing
Apr 24, 2023
AI
Gary Segal, associated with Oceangate Family Holdings LLC, has purchased a development site located at 2713 West 33rd Street in Coney Island, Brooklyn. The property was sold by Starrett Companies represented by David Goldban. The sale price for the site was $22,650,000, with a price per square foot (PPSF) of $57. The property has a total buildable square footage (BSF) of 400,000, making it suitable for an affordable housing project.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $22,650,000
- Buyer: Gary Segal - Oceangate Family Holdings LLC
- Seller: Starrett Companies - David Goldban
- Address: 2713 West 33rd Street, Coney Island, Brooklyn
- Market: Coney Island, Brooklyn
- BSF: 400,000
- PPBSF: $57
Note: The buyer, Gary Segal, has acquired the development site for $22.6 million. There are currently no plans for development filed for the property, which has a substantial 400,000 sq ft of development rights available for an affordable housing project.
Players
New York 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
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93