Updated Dec 4, 2024
Development Site Sold For $22 Million In Brooklyn With Brokers Dan Marks Andrew Manasia & Daniel Lebor
536 Metropolitan Avenue, 546 Metropolitan Avenue & 554-558 Metropolitan Avenue
$22,000,000
$347/SF
Building Size
21,120 SF
Asset Type
Development Site
Closing
Nov 20, 2024
About this deal
AI
The transaction involved a development site located at 536 Metropolitan Avenue, 546 Metropolitan Avenue, and 554-558 Metropolitan Avenue in Brooklyn. The sale price was $22,000,000, with a total building square footage of 21,120 and a price per square foot of $1,041. The site's total buildable square footage (BSF) stood at 72,295, translating to a price per buildable square foot (PPBSF) of $304.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $22,000,000
- BSF: 72,295
- PPBSF: $304
- SF: 21,120
- PPSF: $1,041
- Date of Transaction: 11/20/2024
- Addresses: 536 Metropolitan Avenue, 546 Metropolitan Avenue, 554-558 Metropolitan Avenue
- Market: Brooklyn
The brokers involved in the transaction were Dan Marks, Andrew Manasia, and Daniel Lebor from Terra CRG, who represented the seller in this deal.
On the Map
$22,000,000
$347/SF
Development Site
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Players
Brooklyn 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
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93