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399 Prospect Place, Brookly...

E & M Builders Group Acquires Development Site In Prospect Heights For $1.58M
SOLDDevelopment Site

E & M Builders Group Acquires Development Site In Prospect Heights For $1.58M

399 Prospect Place, Brooklyn, New York 11238, United States

$1,580,000

$287/SF

Building Size

5,498 SF

Asset Type

Development Site

Closing

Mar 29, 2022

AI

Located in Prospect Heights, a development site at 399 Prospect Pl. has been sold in a recent transaction. The property spans 5,498 square feet and has a price per square foot of $287. The sale price for this asset was $1,580,000.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $1,580,000
  • Building Square Footage: 5,498
  • Price Per Square Foot: $287
  • Address: 399 Prospect Pl., Prospect Heights

E & M Builders Group, represented by Meir Daus, was the buyer in this transaction. The broker involved in the deal was Shai Bernstein from The SNS Team at Douglas Elliman. Buyers and sellers interested in similar transactions can reach out to Shai Bernstein at [email protected].

Players

Shai Bernstein

Douglas Elliman

Broker

$8.6M

vol

3 deals

Broker

New York 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

10.04%

Cash-on-Cash

-2.87%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93