Updated Oct 28, 2024
Brooklyn Home Company Sells Boerum Hill Dev Site For $3.64M With 6 BRG Brokers
345 Bergen Street, Brooklyn, New York 11217, United States
$3,640,000
$285/SF
Building Size
12,750 SF
Asset Type
Development Site
Closing
Mar 24, 2022
About this deal
AI
A development site in Boerum Hill has been sold for $3,640,000. The property, located at 345 Bergen St., spans 12,750 square feet. The sale price translates to approximately $285 per square foot.
Summary of transaction details:
- Property Type: Dev Site
- Transaction Amount: $3,640,000
- Address: 345 Bergen St.
- Market: Boerum Hill
The seller of the development site was Brooklyn Home Company. The deal was facilitated by Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Gabriel Kates, and Daniel Shawah of Bestreich Realty Group (BRG).
@BRG_CRE stated that they were able to find a qualified buyer for the property who closed the deal within 45 days. The transaction was completed with an all-cash offer, and the property was sold as-is.
On the Map
$3,640,000
$285/SF
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
About $285 per square foot on a published $3.6M for 12,750 square feet (2022).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.36%
Cash-on-Cash
-1.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93