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Shlomi Avdoo Acquires Development Site In Boerum Hill, Brooklyn For $44.4M

Property Image
SOLD
$44,400,000
Patrick Madigan
Ethan Stanton
Brendan Maddigan
+ 3

New York

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Development Site121,250 SF
Sold 12/29/2021
the dealplayerscompscontact
Property Image
SOLD

Shlomi Avdoo Acquires Development Site In Boerum Hill, Brooklyn For $44.4M

311 Bergen Street, Brooklyn, NY 11217

See Similar Deals
Development Site121,250 SF
Sold 12/29/2021
Patrick Madigan
Ethan Stanton
Brendan Maddigan
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$366
Total Square Footage:121,250 SF
Transaction Type:Sale

A development site located at 311 Bergen Street in Boerum Hill, Brooklyn has been sold for a total of $44,400,000. The property, with a lot size of 375 ft x 100 ft, is zoned as R7B and has a building square footage (BSF) of 121,250. The sale took place on December 29, 2021.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $44,400,000
  • Address: 311 Bergen Street, Boerum Hill, Brooklyn
  • Market: Boerum Hill, Brooklyn
  • Lot Size: 375 ft x 100 ft
  • Zoning: R7B

Shlomi Avdoo is the buyer of the property. The sale was facilitated by Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara, Winfield Clifford, and Patrick Madigan from JLL. The transaction involved the filing of a full demolition permit in October 2021.

Players

Brendan Maddigan
JLL
Brendan Maddigan
125 deals$4.7B volume(508) 733-8445
BROKER
Ethan Stanton
JLL
Ethan Stanton
134 deals$6.2B volume(516) 790-7718
BROKER
Winfield Clifford
JLL
Winfield Clifford
75 deals$2.6B volume(212) 376-5443
BROKER
Michael Mazzara
JLL
Michael Mazzara
111 deals$3.9B volume(212) 376-5450
BROKER
Stephen Palmese
JLL
Stephen Palmese
84 deals$3.3B volume(212) 376-1228
BROKER
Patrick Madigan
Avison Young
Patrick Madigan
23 deals$519.2M volume
BROKER
The Corcoran Group
The Corcoran Group
BROKERAGE
AD
Avdoo & Partners Development
BUYER

Details

SOLD
IMAGE: Brendan Maddigan, Ethan Stanton, Stephen Palmese, Winfield Clifford, Michael Mazzara & Patrick Madigan DATE: 12/29/2021 ADDRESS: 311 Bergen Street MARKET: Boerum Hill, Brooklyn ASSET TYPE: Development Site ~ ZONING: R7B BUYER: Shlomi Avdoo BROKERS: Brendan Maddigan (@BrendanMaddigan), Stephen Palmese (@StephenPalmese), Ethan Stanton, Michael Mazzara, Winfield Clifford & Patrick Madigan - JLL SALE PRICE: $44,400,000 BSF: 121,250 ~ PPBSF: $366 PERMIT FILED: Full Demolition (10/2021) LOT SIZE: 375 ft x 100 ft

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

$2,368,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$157,743.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$210,478.65
Annual Debt Service$2,525,743.82