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284 4th Avenue

Abraham Waldman Acquires Development Site From Francis Leung In Gowanus For $7.85M
SOLDDevelopment Site

Abraham Waldman Acquires Development Site From Francis Leung In Gowanus For $7.85M

284 4th Avenue

$7,850,000

Building Size

Asset Type

Development Site

Closing

Jan 2, 2025

AI

The property asset involved in this transaction is a development site located at 284 4th Avenue in the Gowanus market. The sale price for this asset was $7,850,000, with a total building square footage of 33,261, resulting in a price per building square foot of $236.

Summary of transaction details:

The key individuals involved in this transaction include the buyer, Abraham Waldman, and the seller, Francis Leung. The brokerage firm representing the transaction consisted of Sean R. Kelly, Nicole Daniggelis, and Stephen Vorvolakos from Ariel Property Advisors, facilitating the engagement between both parties.

Players

Sean R. Kelly, Esq.

Ariel Property Advisors

Broker

$529.8M

vol

56 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

2.02%

Cash-on-Cash

-0.58%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93