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Bluestone Group Acquires Development Site In Borough Park, Brooklyn For $12.3M
SOLD
$12,288,453
New York
See Similar DealsDevelopment Site
Sold 10/19/2023
SOLD
Bluestone Group Acquires Development Site In Borough Park, Brooklyn For $12.3M
4202 Fort Hamilton Parkway
See Similar DealsDevelopment Site
Sold 10/19/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
Bluestone Group, represented by Eli Tabak of Bluestone Group, acquired the development site at 4202 Fort Hamilton Parkway in Borough Park, Brooklyn. The property, formerly owned by Samuel Pfeiffer, was sold for a price of $12,288,453. The site has a buildable square footage (BSF) of 41,693 and a price per buildable square footage (PPBSF) of $295.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $12,288,453
- Address: 4202 Fort Hamilton Parkway, Borough Park, Brooklyn
- Market: Borough Park, Brooklyn
Bluestone Group, represented by Eli Tabak of Bluestone Group, successfully completed the acquisition of the development site from Samuel Pfeiffer. This transaction marks an important milestone for Bluestone Group as they expand their portfolio in the vibrant Borough Park neighborhood.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$655,384.16
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$43,658.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$58,253.54
Annual Debt Service$699,042.44
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