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David Kramer Acquires Development Site In Greenpoint & Williamsburg, Brooklyn For $29.8M

Property Image
SOLD
$29,802,730
JS
DK

New York

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Development Site
Sold 12/28/2022
the dealplayerscompscontact
Property Image
SOLD

David Kramer Acquires Development Site In Greenpoint & Williamsburg, Brooklyn For $29.8M

494 Manhattan Avenue, Brooklyn, New York 11222, United States

See Similar Deals
Development Site
Sold 12/28/2022
JS
DK
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

494 Manhattan Avenue & 438 Union Avenue, located in Greenpoint & Williamsburg, Brooklyn, has been sold as a development site. The transaction took place on 12/28/2022, with a sale price of $29,802,730. The property offers potential for future development in a highly desirable neighborhood.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $29,802,730
  • Address: 494 Manhattan Avenue & 438 Union Avenue, Greenpoint & Williamsburg, Brooklyn
  • Market: Greenpoint & Williamsburg, Brooklyn

David Kramer has purchased the property from Joel Schwartz. David Kramer's involvement in the deal signals his interest in expanding his real estate portfolio. Joel Schwartz, as the seller, has successfully completed the transaction. Both parties have played key roles in the successful sale of this development site.

Players

DK
David Kramer
11 deals$678.8M volume
BUYER
JS
Joel Schwartz
43 deals$450.9M volume
SELLER
JS
Joel Schwartz
43 deals$450.9M volume
SELLER

Details

SOLD
IMAGE: 12/28/2022 ADDRESS: 494 Manhattan Avenue & 438 Union Avenue MARKET: Greenpoint & Williamsburg, Brooklyn ASSET TYPE: Development Site BUYER: David Kramer SELLER: Joel Schwartz SALE PRICE: $29,802,730

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,589,478.92

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$105,882.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$141,280.14
Annual Debt Service$1,695,361.74