Updated Sep 9, 2024
Bestreich Realty Group Represents Seller In $2M Sale Of Development Site In Gowanus, Brooklyn
548-550 Union Street, Brooklyn, NY 11215, USA
$2,000,000
$277/SF
Building Size
7,200 SF
Asset Type
Development Site
Closing
Jul 27, 2020
About this deal
AI
A development site located at 548-550 Union Street in Gowanus, Brooklyn has been sold for a price of $2,000,000. The property, with a lot size of 40 ft x 90 ft, offers a great opportunity for development in this desirable neighborhood.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $2,000,000
- Address: 548-550 Union Street, Gowanus, Brooklyn
- Market: Gowanus, Brooklyn
- Built Square Footage: 7,200
- Price per Built Square Foot: $278
- Seller: Donald Knox
The sale of this development site was facilitated by the team at Bestreich Realty Group. The brokers involved in the transaction were Derek Bestreich, Luke Sproviero, Adam Lobel, Gabriel Kates, Toby Waring, and Daniel Shawah. Their expertise and knowledge of the Gowanus market played a crucial role in ensuring the successful sale of the property.
On the Map
$2,000,000
$277/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.93%
Cash-on-Cash
-2.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93