Updated Oct 29, 2024
Joel Schwartz Of Southside Units Acquires Tear Down/Development Site In Brooklyn For $2M
41 Skillman Ave, Brooklyn, NY 11211, USA
Building Size
2,500 SF
Asset Type
Development Site
Closing
Jul 23, 2018
About this deal
AI
A tear down/development site located at 41 Skillman Avenue in New York's Brooklyn neighborhood has been sold for $2,000,000. The property, with lot dimensions of 25 ft. x 100 ft., is zoned M1-2/R6, MX-8.
Summary of Transaction Details
- Property Type: Tear Down/Development Site
- Transaction Amount: $2,000,000
- Lot Dimensions: 25 ft. x 100 ft.
- Zoning: M1-2/R6, MX-8
The seller of the property is the Drexler Family, while the buyer is Joel Schwartz from Southside Units. BRG | Bestreich Realty represented the transaction as the brokers involved.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93