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404 Midwood St, Prospect Le...

Updated Oct 28, 2024

Barry Shor & Jacob Scherman Acquire Development Site In Prospect Lefferts Gardens, Brooklyn
SOLDDevelopment Site

Barry Shor & Jacob Scherman Acquire Development Site In Prospect Lefferts Gardens, Brooklyn

404 Midwood St, Prospect Lefferts Gardens, Brooklyn, NY, USA

$1,125,000

$132/SF

Building Size

8,500 SF

Asset Type

Development Site

Closing

Nov 16, 2021

About this deal

AI

A development site in Prospect Lefferts Gardens, Brooklyn has been sold for $1,125,000. The property, located at 404 Midwood St., spans 8,500 square feet and is slated to be developed into a 10-unit boutique condominium building. The sale price translates to a price-per-square-foot value of $132.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $1,125,000
  • Date: 11/16/2021
  • Address: 404 Midwood St.
  • Market: Prospect Lefferts Gardens, Brooklyn
  • Buyer: Barry Shor & Jacob Scherman
  • Seller: Arrindell Zenobia
  • BSF (Buildable Square Feet): 8,500
  • PPBSF (Price Per Buildable Square Foot): $132

The buyer, Barry Shor, along with Jacob Scherman, purchased the property in an off-market cash deal. The buyer's representative is HomeLand Property Group. Barry and Jacob are actively seeking lands for development, rental properties, or fix-and-flip deals in Brooklyn, Queens, and the Bronx. They can be reached via Barry's cell at 929-269-3044 or through email at [email protected].

Players

Brooklyn Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Deal FAQ

About $132 per square foot on a published $1.1M for 8,500 square feet (2021).

Browse New York development site sales on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

14.10%

Cash-on-Cash

-4.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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