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
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