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400 Main Street, Peekskill,...

Jake And Austin Deraaff Acquire Development Site In Westchester For $1M
SOLDDevelopment Site

Jake And Austin Deraaff Acquire Development Site In Westchester For $1M

400 Main Street, Peekskill, New York 10566, United States

$1,000,000

$33/SF

Building Size

30,000 SF

Asset Type

Development Site

Closing

Mar 27, 2022

AI

An development site located at 400 Main St. in Westchester has been sold in a closed transaction. The property, with a market value of $1,000,000, was purchased by Jake Deraaff and Austin Deraaff. The seller in the deal was Phil Miller, and the transaction was facilitated by broker Chaim Lebrecht from Clapton Equities LLC.

Summary of transaction details:

  • Property Type: Development Site
  • Sale Price: $1,000,000
  • Address: 400 Main St.
  • Market: Westchester

Jake Deraaff and Austin Deraaff were the buyers in this transaction, while Phil Miller was the seller. Representing the buyers was broker Chaim Lebrecht from Clapton Equities LLC. The development site, with a total building square footage of 30,000, was sold at a price of $33 per square foot.

Players

Chaim Lebrecht

Broker

$1.5M

vol

2 deals

Broker

Jake Deraaff

Buyer

$35.5M

vol

6 deals

Buyer

Phil Miller

Seller

$13M

vol

5 deals

Seller

Peekskill 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

15.86%

Cash-on-Cash

-4.53%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93