Francis Leung Acquires Development Site In Brooklyn, Gowanus For $5M
284 4th Avenue, Brooklyn, NY 11215, USA
$5,000,000
$850/SF
Building Size
5,880 SF
Asset Type
Development Site
Closing
Apr 29, 2019
AI
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.
Players
New York 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
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93