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Rick Gropper Acquires Development Site At 4218 Fort Hamilton Parkway Brooklyn For $12.2M

Property Image
SOLD
$12,200,000
Rick Gropper

New York

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Development Site7,972 SF
Sold 02/28/2025
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Property Image
SOLD

Rick Gropper Acquires Development Site At 4218 Fort Hamilton Parkway Brooklyn For $12.2M

4218 Fort Hamilton Parkway

See Similar Deals
Development Site7,972 SF
Sold 02/28/2025
Rick Gropper
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,530
Total Square Footage:7,972 SF
Transaction Type:Sale

This development site is located at 4218 Fort Hamilton Parkway in Brooklyn. The property was sold for a total price of $12,200,000, featuring a built square footage of 25,150 square feet, resulting in a price per built square foot of $485. Additionally, the property has a total of 7,972 square feet with a price per square foot of $1,530.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $12,200,000
  • Buyer: Rick Gropper
  • Seller: Marvin Azrak
  • Broker: Scott Dweck - Latitude Property Group
  • BSF: 25,150
  • PPBSF: $485
  • SF: 7,972
  • PPSF: $1,530

In this transaction, Rick Gropper acted as the buyer while Marvin Azrak was the seller. The brokerage firm involved in this sale was represented by Scott Dweck from Latitude Property Group, underscoring their role in facilitating the agreement.

Players

Scott Dweck
16 deals$291.5M volume
BROKER

Rick Gropper
16 deals$716.7M volume
BUYER

Details

SOLD
IMAGE: Scott Dweck DATE: 02/28/2025 ADDRESS: 4218 Fort Hamilton Parkway MARKET: Brooklyn ASSET TYPE: Development Site BUYER: Rick Gropper SELLER: Marvin Azrak BROKER: Scott Dweck - Latitude Property Group SALE PRICE: $12,200,000 BSF: 25,150 ~ PPBSF: $485 SF: 7,972 ~ PPSF: $1,530

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$43,344.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$57,834.22
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