Joseph Banda & Yosef Beer Acquire Brooklyn Development Site For $2.77M
SOLD
$2,770,000
+ 3
New York
See Similar DealsDevelopment Site
Sold
SOLD
Joseph Banda & Yosef Beer Acquire Brooklyn Development Site For $2.77M
402 Union Avenue
See Similar DealsDevelopment Site
Sold
+ 3
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 402 Union Avenue in Brooklyn has been sold for a total price of $2,770,000. The property spans a total area of 8,126 square feet and has a price per buildable square foot (PPBSF) of $341. The transaction took place on December 1, 2023.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,770,000
- Address: 402 Union Avenue, Brooklyn
- Market: Brooklyn
- Buyer: Joseph Banda & Yosef Beer
- Seller: Robert Weil
- Brokers: Andrew Manasia, Matthew Cosentino & Daniel (Dan) Lebor - Terra CRG
- BSF: 8,126
- PPBSF: $341
The buyer, Joseph Banda, along with Yosef Beer, acquired the development site from Robert Weil. The deal was facilitated by brokers Andrew Manasia, Matthew Cosentino, and Daniel (Dan) Lebor of Terra CRG.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$147,733.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,841.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,131.21
Annual Debt Service$157,574.56
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