Kingsland Properties Acquires Development Site In Bed-Stuy, Brooklyn For $2.4M
SOLD
$2,400,000
+ 2
New York
See Similar DealsDevelopment Site
Sold 10/25/2023
SOLD
Kingsland Properties Acquires Development Site In Bed-Stuy, Brooklyn For $2.4M
551 Lafayette Avenue
See Similar DealsDevelopment Site
Sold 10/25/2023
+ 2
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$127,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$8,526.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,377.22
Annual Debt Service$136,526.69
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