Steven Hurwitz Acquires Development Site In Crown Heights, Brooklyn For $6.75M
452 Saint Marks Avenue, Brooklyn, New York 11238, United States
$6,750,000
$337,500/SF
Building Size
20 SF
Asset Type
Development Site
Closing
Dec 20, 2022
AI
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.
Brooklyn 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
2.35%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93