Updated Dec 4, 2024
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
About this deal
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:
- Property Type: Development Site
- Transaction Amount: $4,000,000
- Buyer: Christopher Merone
- Brokers: Andrew Manasia (@Amanasia_CRE), Dan Marks & Daniel Lebor - Terra CRG
- Market: Gowanus, Brooklyn
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.
On the Map
$4,000,000
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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93