Updated Sep 9, 2024
Development Site In Williamsburg, Brooklyn Sells For $2.175M - Benjamin Vago & Sean R. Kelly, Esq. Represented The Transaction - Ariel Property Advisors
344 Lorimer Street
$2,175,000
Building Size
—
Asset Type
Development Site
Closing
Dec 5, 2022
About this deal
AI
A development site located at 344 Lorimer Street in Williamsburg, Brooklyn has been sold for $2,175,000. This property spans a total of 6,698 square feet and has a price per buildable square foot (PPBSF) of $325.
Summary of Transaction Details:
- Property Type: Development Site
- Transaction Amount: $2,175,000
- Address: 344 Lorimer Street
- Market: Williamsburg, Brooklyn
- BSF: 6,698 sq ft
- PPBSF: $325
Represented by Benjamin Vago, Esq. and Sean R. Kelly, Esq. of Ariel Property Advisors, the sale of this development site highlights the involvement of these key individuals in the transaction.
Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.29%
Cash-on-Cash
-2.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93