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548 Union Street

Christopher Merone Acquires Development Site On Union Street In Gowanus For $4M
SOLDDevelopment Site

Christopher Merone Acquires Development Site On Union Street In Gowanus For $4M

548 Union Street

$4,000,000

Building Size

Asset Type

Development Site

Closing

Feb 28, 2024

AI

548-550 Union Street, located in Gowanus, Brooklyn, was sold for $4,000,000. The development site spans 10,800 square feet, resulting in a price per buildable square foot of $370.

Summary of transaction details:

Christopher Merone acquired the development site at 548-550 Union Street. The transaction was facilitated by the brokers Andrew Manasia, Dan Marks, and Daniel Lebor from Terra CRG.

Players

Daniel Lebor

Terra CRG

Broker

$995.3M

vol

51 deals

Broker

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

3.97%

Cash-on-Cash

-1.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93