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282 6th Street

Joshua Dardashtian Acquires Development Site In Park Slope, Brooklyn For $1.8MM
SOLDDevelopment Site

Joshua Dardashtian Acquires Development Site In Park Slope, Brooklyn For $1.8MM

282 6th Street

$1,800,000

$600/SF

Building Size

3,000 SF

Asset Type

Development Site

Closing

Feb 15, 2023

AI

A development site located at 282 6th Street in Park Slope, Brooklyn has been sold for $1,800,000. The property spans 3,000 square feet, resulting in a price per square foot of $600. The building's total square footage is 4,000, with a price per buildable square foot of $450.

Summary of transaction details

The buyer, Joshua Dardashtian, has acquired the development site from the seller, Michael Grosseto. The transaction was facilitated by brokers Jakub Nowak and Jesse Kay from Marcus & Millichap.

It is worth noting that despite significant deferred maintenance, potential structural issues, and active violations, the property was sold at the full asking price of $1.8 million. The comprehensive marketing campaign conducted by Jakub Nowak and Jesse Kay of Marcus & Millichap generated over 20 written offers, leading to a successful and expedited sales process.

For further information or assistance in selling your commercial property, Jakub Nowak can be reached at 718-475-4353, and Jesse Kay can be contacted at 718-475-4321.

Players

Jesse Kay

Marcus & Millichap

Broker

$114.1M

vol

28 deals

Broker
Joshua Dardashtian

Joshua Dardashtian

Dash Real Estate Group

Buyer

$10.6M

vol

6 deals

Buyer

Market 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

8.81%

Cash-on-Cash

-2.52%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93