Updated Oct 28, 2024
ASG Equities Acquires Development Site In Bay Ridge For $14.75M
472 86th Street, Brooklyn, New York 11209, United States
$14,750,000
$744/SF
Building Size
19,800 SF
Asset Type
Development Site
Closing
Apr 7, 2022
About this deal
AI
The development site located at 472 86th Street in Bay Ridge has been sold for a price of $14,750,000. The property, with a building square footage (BSF) of 19,800, is a valuable asset for the buyer, ASG Equities. The purchase was made from the Julian & Sharon Smith Family Limited Partnership.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $14,750,000
- Address: 472 86th Street
- Market: Bay Ridge
- Seller: Julian & Sharon Smith Family Limited Partnership
- Seller’s Representative: Tim King, Dominic Mascara & Dino Velovic - SVN CPEX Real Estate
- Buyer: ASG Equities
- Building Square Footage (BSF): 19,800
- Price per Building Square Foot (PPBSF): $744
The sale, facilitated by Tim King, Dominic Mascara, and Dino Velovic from SVN CPEX Real Estate, marks a significant transaction in the Bay Ridge market. The deal reflects the strong demand for development sites in the area and the confidence of ASG Equities in the potential of the property.
Players
New York 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
1.08%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93