David Halberstam Acquires Fort Greene Development Site For $13.98M
340 Myrtle Ave Brooklyn, NY 11205, USA
$13,980,000
$344/SF
Building Size
40,609 SF
Asset Type
Development Site
Closing
Aug 1, 2023
AI
A development site located at 340 Myrtle Avenue and 155 Carlton Avenue in Fort Greene, Brooklyn has been sold for a total price of $13,980,000. The site spans over 1M sf and is conveniently situated just steps away from Fort Greene Park.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $13,980,000
- Address: 340 Myrtle Avenue & 155 Carlton Avenue
- Market: Fort Greene, Brooklyn
- Buyer: David Halberstam
- Seller: John Bourtaglou
- Buyer's Representative: Ceasar Salama - Kassin Sabbagh Realty
- Seller's Representatives: Brandon Thomas & Scott Dweck - Latitude Property Group
- BSF (Building Square Footage): 40,609
- PPBSF (Price Per Building Square Footage): $344
Ceasar Salama of KSR, along with Scott Dweck and Brandon Thomas of Latitude Property Group, successfully arranged the assemblage of this 421a vested site. This transaction adds to Salama's portfolio of over 1M sf of development throughout New York City. For similar opportunities or to discuss the potential sale or joint venture of a property, please reach out to Ceasar Salama.
Players
Market 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93