Updated Dec 19, 2023
Joseph Rubin & Shmuel A. Haikins Acquire Development Site In Crown Heights From Mendel Kaff For $17M
478 Saint Johns Place, Brooklyn, NY 11238
$17,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 5, 2022
About this deal
AI
Located in Crown Heights, the development site at 478 Saint Johns Place has recently been sold for a whopping $17,000,000. The transaction took place on June 6, 2022, and involved the buyer, Joseph Rubin & Shmuel A. Haikins, and the seller, Mendel Kaff. The property, situated in a prime market, offers immense potential for development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $17,000,000
- Address: 478 Saint Johns Place, Crown Heights
- Buyer: Joseph Rubin & Shmuel A. Haikins
- Seller: Mendel Kaff
Joseph Rubin & Shmuel A. Haikins, as the buyers, see great opportunity in this development site. On the other hand, Mendel Kaff, as the seller, has successfully closed this deal. The transaction showcases the potential growth and investment opportunities present in Crown Heights.
On the Map
$17,000,000
Development Site
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Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93