Chai Hoffman Sells Coney Island Development Site For $27M With Scott Dweck & Zach Mishan As Brokers
2957 Shell Road, Coney Island, Brooklyn, NY, USA
$27,000,000
$126/SF
Building Size
213,417 SF
Asset Type
Development Site
Closing
Dec 2, 2021
AI
Located in the heart of Coney Island, the development site at 2957 Shell Road has been sold in a closed transaction. The seller, Chai Hoffman, has successfully completed the sale of this property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $27,000,000
- Address: 2957 Shell Road
- Market: Coney Island
The deal was facilitated by two brokers, Scott Dweck from Latitude Property Group and Zach Mishan from DRWAG Realty. They represented the seller throughout the transaction process, ensuring a successful outcome.
The development site covers an area with a building square footage (BSF) of approximately 213,417. With a price per building square footage (PPBSF) of $126, this property presents a valuable investment opportunity.
Players
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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93