Poise Property Group Acquires Williamsburg Development Site For $4.16M
SOLD
$4,160,000
+ 3
New York
See Similar DealsDevelopment Site22,000 SF
Sold 01/02/2024
SOLD
Poise Property Group Acquires Williamsburg Development Site For $4.16M
402 Manhattan Avenue & 404 Manhattan Avenue
See Similar DealsDevelopment Site22,000 SF
Sold 01/02/2024
+ 3
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$189
Total Square Footage:22,000 SF
Transaction Type:Sale
A development site located at 402-404 Manhattan Avenue in Williamsburg, Brooklyn has been sold in a closed transaction. The property spans 11,000 square feet and was sold for a price of $4,160,000, resulting in a price per square foot of $378.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,160,000
- Address: 402-404 Manhattan Avenue
- Market: Williamsburg, Brooklyn
The deal involved Daniel Kaykov and Val Katayev from Poise Property Group as the buyers and Patrick & Victoria Drexler as the sellers. The Corcoran Group represented both parties in the transaction, with Chris Cavorti, Donald Lai, Marvin Chu, and Evan Church acting as the brokers.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$221,866.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$14,779.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$19,720.52
Annual Debt Service$236,646.27
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