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

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SOLD
$7,850,000

New York

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Development Site
Sold 01/02/2025
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SOLD

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

284 4th Avenue

See Similar Deals
Development Site
Sold 01/02/2025
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

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.
56 deals$529.8M volume
BROKER

Stephen Vorvolakos
Ariel Property Advisors
28 deals$275.7M volume
BROKER

Nicole Daniggelis
Ariel Property Advisors
17 deals$258.4M volume
BROKER

Details

SOLD
IMAGE: Sean R. Kelly, Nicole Daniggelis & Stephen Vorvolakos DATE: 01/02/2025 ADDRESS: 284 4th Avenue MARKET: Gowanus ASSET TYPE: Development Site BUYER: Abraham Waldman SELLER: Francis Leung BROKERS: Sean R. Kelly, Nicole Daniggelis (@NicoleDaniggelis) & Stephen Vorvolakos - Ariel Property Advisors (@ArielPA.NYC) SALE PRICE: $7,850,000 BSF: 33,261 ~ PPBSF: $236

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$418,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$27,889.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,213.00
Annual Debt Service$446,556.06