Ching Hoy Realty Acquires Development Site In Brooklyn From Simone Development For $16M
SOLD
$16,000,000
New York
See Similar DealsDevelopment Site110,375 SF
Sold 12/16/2019
SOLD
Ching Hoy Realty Acquires Development Site In Brooklyn From Simone Development For $16M
425 Coney Island Avenue
See Similar DealsDevelopment Site110,375 SF
Sold 12/16/2019
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$145
Total Square Footage:110,375 SF
Transaction Type:Sale
The property asset involved in this transaction is a development site located at 425 Coney Island Avenue in Brooklyn. The site was sold for $16,000,000.00, encompassing a total area of 110,375 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $16,000,000.00
- Address: 425 Coney Island Avenue
- Market: Brooklyn
- Square Footage: 110,375.0
- Buyer: Ching Hoy Realty
- Seller: Simone Development Companies
- Broker 1: Shlomo Antebi - Atlas Realty Group
- Broker 2: Michael Weiser - GFI Realty Services
This transaction features Ching Hoy Realty as the buyer and Simone Development Companies as the seller. The brokers representing the transaction include Shlomo Antebi from Atlas Realty Group and Michael Weiser from GFI Realty Services, facilitating this significant deal in the Brooklyn market.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$853,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,844.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,848.16
Annual Debt Service$910,177.95
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