Updated Oct 25, 2024
David Schwartz Acquires Development Site At 326 Rockaway Avenue In Brownsville, Brooklyn For $8.4M
326 Rockaway Avenue, Brooklyn, NY 11212, USA
$8,400,000
$53/SF
Building Size
157,565 SF
Asset Type
Development Site
Closing
Oct 15, 2021
About this deal
AI
A development site located at 326 Rockaway Avenue in Brownsville, Brooklyn has been sold for a price of $8,400,000. The property is zoned as R6, C2-3, making it suitable for development purposes. The site offers a total buildable square footage (BSF) of 157,565 at a price per buildable square footage (PPBSF) of $53. The transaction was facilitated by brokers Stephen R. Preuss & Kevin Schmitz.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,400,000
- Address: 326 Rockaway Avenue
- Market: Brownsville, Brooklyn
- Zoning: R6, C2-3
- BSF: 157,565
- PPBSF: $53
- Buyer: David Schwartz
- Seller: The Frank Family
- Brokers: Stephen R. Preuss & Kevin Schmitz
In this transaction, David Schwartz acted as the buyer, while The Frank Family served as the seller. The brokers representing the deal were Stephen R. Preuss & Kevin Schmitz. The collaboration between these individuals and companies led to the successful completion of the sale.
Players
New York 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
1.89%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93