Updated Feb 5, 2025
L3 Capital Acquires Dev Site In Williamsburg From Daniel McCarthy For $4.8M
55 North 6th Street, Williamsburg, Brooklyn, NY, USA
$4,800,000
$640/SF
Building Size
7,500 SF
Asset Type
Development Site
Closing
Apr 15, 2021
About this deal
AI
A development site located at 55 North 6th Street in Williamsburg, with a lot size of 2,500 square feet, has been sold for $4,800,000. The property is zoned as M1-2/R6A, MX-8 and has a floor area ratio (FAR) of 3 for residential use. The tax class of the property is 4. The property dimensions measure 25 feet by 100 feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,800,000
- Buyer: L3 Capital
- Seller: Daniel McCarthy
- Building Square Footage (BSF): 7,500
- Price per Building Square Foot (PPBSF): $640
L3 Capital, represented by their broker, acquired the development site from Daniel McCarthy. The transaction closed on April 16, 2021.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.30%
Cash-on-Cash
-0.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93