Francis Leung Acquires Development Site In Brooklyn, Gowanus For $5M
SOLD
$5,000,000
+ 2
New York
See Similar DealsDevelopment Site5,880 SF
Sold 04/30/2019
SOLD
Francis Leung Acquires Development Site In Brooklyn, Gowanus For $5M
284 4th Avenue, Brooklyn, NY 11215, USA
See Similar DealsDevelopment Site5,880 SF
Sold 04/30/2019
+ 2
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$850
Total Square Footage:5,880 SF
Transaction Type:Sale
An undisclosed development site located at 284 4th Ave in Brooklyn's Gowanus neighborhood has been sold in a closed transaction. The property encompasses a total square footage of 33,276 with a buildable square footage of 33,276. The sale price for this development site was $5 million, resulting in a price per buildable square foot of $150.
Summary of Transaction Details
- Property Type: Development Site
- Sale Price: $5 million
- Buildable Square Footage: 33,276
- Price per Buildable Square Foot: $150
- Address: 284 4th Ave, Brooklyn
- Market: Gowanus
The seller, Mike Savino, completed the sale transaction with the buyer, Francis Leung. Adam Hess, Eddie Setton, and Aaron Birns from Meridian Capital Group represented the seller in this deal, while Matthew Fernandez from Okada & Co. acted as the buyer's representative.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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