Updated Sep 9, 2024
Allon Avgi Acquires Development Site In Westhampton Beach For $1.86M
59 Old Riverhead Rd, Hampton Bays, NY 11946, USA
Building Size
256,090 SF
Asset Type
Development Site
Closing
Apr 13, 2020
About this deal
AI
The development site located at 55-59 Old Riverhead Rd in Westhampton Beach has been sold in a closed transaction. The property, consisting of a development site, was listed for an asking price of $2,850,000 and ultimately sold for $1,860,000. The site has a buildable square footage (BSF) of 25,609, with a price per buildable square foot (PPBSF) of $72.65.
Summary of transaction details
- Property Type: Development Site
- Asking Price: $2,850,000
- Sale Price: $1,860,000
- BSF: 25,609
- PPBSF: $72.65
The seller of the property is Robert & Anna Gerzon, while the buyer is Allon Avgi. The transaction was facilitated by David Avgi of [Broker Agency Name]. The plans for the site include the development of a 16-unit condo complex. The sales price of $1,860,000 includes the cost of the property and the proposed development.
Players
Hampton Bays 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93