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510 Horseblock Road, Farmin...

Meredith Marshall And Geoff Flournoy Of BRP Companies Acquire Development Site In Farmingville, NY For $18.98M
SOLDDevelopment Site

Meredith Marshall And Geoff Flournoy Of BRP Companies Acquire Development Site In Farmingville, NY For $18.98M

510 Horseblock Road, Farmingville, NY 11738, USA

$18,980,000

$6/SF

Building Size

2,831,400 SF

Asset Type

Development Site

Closing

Mar 30, 2020

AI

An 65-acre development site located at 510 Horseblock Rd. in Farmingville, NY has been sold for a total of $18,980,000. The property spans 2,831,400 square feet and is being acquired by Meredith Marshall and Geoff Flournoy of BRP Companies. The seller, Kelly Development Inc, represented by Michael Kelly, finalized the transaction.

Summary of transaction details:

  • Property Type: Development Site
  • Sale Price: $18,980,000
  • Square Footage: 2,831,400 (65 Acres)
  • Address: 510 Horseblock Rd., Farmingville, NY
  • Buyer: Meredith Marshall, Geoff Flournoy @BRP_companies
  • Seller: Kelly Development Inc – Michael Kelly

Aaron Weaver of Level Investments acted as the buyer's representative in this deal. Corey Gluckstal was the seller's representative for Kelly Development Inc.

Players

Aaron Weaver

Broker

$83M

vol

3 deals

Broker
Meredith Marshall

Meredith Marshall

Buyer

$749.9M

vol

5 deals

Buyer

Michael Kelly

Seller

$63.3M

vol

2 deals

Seller

Farmingville 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

0.84%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93