Updated Oct 28, 2024
Yaakov Lefkowitz & Herman Jacob Acquire Development Site In Brooklyn For $2.7M
375 Lefferts Avenue, Brooklyn, NY 11225
$2,700,000
$96/SF
Building Size
27,880 SF
Asset Type
Development Site
Closing
Dec 29, 2021
About this deal
AI
A development site located at 375 Lefferts Ave in Brooklyn was sold in a closed transaction. The property, which spans approximately 27,880 square feet, was sold for a price of $2,700,000. The buyer of the property is Yaakov Lefkowitz & Herman Jacob, while the seller is Heller Realty. The deal was facilitated by broker Aaron Jungreis from Rosewood Realty Group.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,700,000
- Address: 375 Lefferts Ave
- Market: Brooklyn
According to the buyer, the plan for the property is to develop an 8-story, 41-unit rental development. This project will bring new housing options to the area, providing additional rental units for potential tenants. The buyer expresses gratitude to Aaron Jungreis for his role in making the deal happen.
On the Map
$2,700,000
$96/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.88%
Cash-on-Cash
-1.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93