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548-550 Union Street, Brook...

Bestreich Realty Group Represents Seller In $2M Sale Of Development Site In Gowanus, Brooklyn
SOLDDevelopment Site

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

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.

Players

Adam Lobel

Investment Property Realty Group (IPRG)

Broker

$602.2M

vol

141 deals

Broker
Gabriel Kates
Verified Badge

Gabriel Kates

Block Real Estate Group

Broker

$158.4M

vol

59 deals

Broker

Donald Knox

Seller

$6.5M

vol

2 deals

Seller

New York 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

7.93%

Cash-on-Cash

-2.27%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93