L3 Capital Acquires Dev Site In Williamsburg From Daniel McCarthy For $4.8M
SOLD
$4,800,000
New York
See Similar DealsDevelopment Site7,500 SF
Sold 04/16/2021
SOLD
L3 Capital Acquires Dev Site In Williamsburg From Daniel McCarthy For $4.8M
55 North 6th Street, Williamsburg, Brooklyn, NY, USA
See Similar DealsDevelopment Site7,500 SF
Sold 04/16/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$640
Total Square Footage:7,500 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$256,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,053.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,754.45
Annual Debt Service$273,053.39
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