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551 Lafayette Avenue

Updated Mar 11, 2025

Kingsland Properties Acquires Development Site In Bed-Stuy, Brooklyn For $2.4M
SOLDDevelopment Site

Kingsland Properties Acquires Development Site In Bed-Stuy, Brooklyn For $2.4M

551 Lafayette Avenue

$2,400,000

Building Size

—

Asset Type

Development Site

Closing

Oct 25, 2023

About this deal

AI

A development site located at 551 Lafayette Avenue in Bed-Stuy, Brooklyn has been sold for $2,400,000. The property has a lot size of 47.5’ x 100’ (R6B) and a buildable square footage of 9,550. The price per buildable square footage is approximately $251.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $2,400,000
  • Address: 551 Lafayette Avenue, Bed-Stuy, Brooklyn
  • Lot Size: 47.5’ x 100’ (R6B)
  • Buildable Square Footage: 9,550
  • Price per Buildable Square Footage: $251

The buyer of the property is Ali Rashid from Kingsland Properties. The seller is Noam Amos. The deal was represented by Shaun Riney, Daniel Greenblatt, and John Lopez from Marcus & Millichap.

On the Map

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$2,400,000

Development Site

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Players

Daniel Greenblatt

Marcus & Millichap

Broker

$273.9M

vol

73 deals

Broker
Shaun Riney
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Shaun Riney

Marcus & Millichap

Broker

$1.9B

vol

383 deals

Broker
Ali Rashid

Ali Rashid

Kingsland Properties

Buyer

$13.2M

vol

8 deals

Buyer

Noam Amos

Seller

$6.2M

vol

2 deals

Seller
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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

6.61%

Cash-on-Cash

-1.89%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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