Updated Sep 5, 2024
Marcus & Millichap Sells Development Site In Brooklyn For $3.05M
334 Bedford Avenue, Brooklyn, New York 11249, United States
$3,050,000
Building Size
—
Asset Type
Development Site
Closing
Dec 12, 2022
About this deal
AI
A vacant land development site in Williamsburg has been sold for $3,050,000. The property, located at 334 Bedford Avenue in Brooklyn, measures 24' x 103.5' and is zoned R6/C2-3. The site was sold for $558 per buildable square foot.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $3,050,000
- Brokers: Michael Salvatico, Shaun Riney, and Samuel Leppo - Marcus & Millichap
- Market: Brooklyn
- Address: 334 Bedford Avenue
The deal was facilitated by the brokerage team of Michael Salvatico, Shaun Riney, and Samuel Leppo from Marcus & Millichap. They successfully closed the transaction for the development site.
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
5.20%
Cash-on-Cash
-1.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93