Christopher Merone Acquires Development Site On Union Street In Gowanus For $4M
SOLD
$4,000,000
New York
See Similar DealsDevelopment Site
Sold 02/28/2024
SOLD
Christopher Merone Acquires Development Site On Union Street In Gowanus For $4M
548 Union Street
See Similar DealsDevelopment Site
Sold 02/28/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$213,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$14,211.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,962.04
Annual Debt Service$227,544.49
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