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
- Property Type: Development Site
- Transaction Amount: $1,800,000
- Address: 282 6th Street, Park Slope, Brooklyn
- Market: Park Slope, Brooklyn
- Buyer: Joshua Dardashtian
- Seller: Michael Grosseto
- Brokers: Jakub Nowak & Jesse Kay - Marcus & Millichap
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
Market 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
8.81%
Cash-on-Cash
-2.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93