Steven Hurwitz Acquires Development Site In Crown Heights, Brooklyn For $6.75M
SOLD
$6,750,000
New York
See Similar DealsDevelopment Site20 SF
Sold 12/20/2022
SOLD
Steven Hurwitz Acquires Development Site In Crown Heights, Brooklyn For $6.75M
452 Saint Marks Avenue, Brooklyn, New York 11238, United States
See Similar DealsDevelopment Site20 SF
Sold 12/20/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$337,500
Total Square Footage:20 SF
Transaction Type:Sale
The development site located at 452 & 458 St Marks Avenue in Crown Heights, Brooklyn has been sold for a total of $6,750,000. The property offers a buildable square footage of 20,250 with a price per buildable square foot of approximately $333. The transaction took place on December 20, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,750,000
- Address: 452 & 458 St Marks Avenue, Crown Heights, Brooklyn
- Market: Crown Heights, Brooklyn
- Buyer: Steven Hurwitz
- Seller: David Gross
- Buildable Square Footage: 20,250
- Price per Buildable Square Foot: $333
Steven Hurwitz was the buyer in the transaction, while David Gross served as the seller. The sale of this development site showcases an important investment opportunity in the Crown Heights neighborhood of Brooklyn.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$360,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,981.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,998.44
Annual Debt Service$383,981.32
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