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EMP Capital Acquires Development Site At 563 Washington Avenue Brooklyn For $7M

Property Image
SOLD
$7,000,000
Jason Farese
Andrew Bronsteen
Shaun Riney

New York

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Development Site7,766 SF
Sold 05/22/2025
the dealplayerscompscontact
Property Image
SOLD

EMP Capital Acquires Development Site At 563 Washington Avenue Brooklyn For $7M

563 Washington Avenue

See Similar Deals
Development Site7,766 SF
Sold 05/22/2025
Jason Farese
Andrew Bronsteen
Shaun Riney
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$901
Total Square Footage:7,766 SF
Transaction Type:Sale

The asset involved in this transaction is a development site located at 563 Washington Avenue in Brooklyn. The sale was executed for a total amount of $7,000,000. The buyer, EMP Capital, completed the acquisition using all cash.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $7,000,000
  • Buyer: EMP Capital
  • Brokers: Shaun Riney, Andrew Bronsteen & Jason Farese - Marcus & Millichap
  • Transaction Date: 5/22/2025
  • Market: Brooklyn

This transaction involved notable brokerage representation by Shaun Riney, Andrew Bronsteen, and Jason Farese from Marcus & Millichap, who facilitated the deal for the buyer. Their involvement underscores the brokerage's engagement in the process of securing this property acquisition.

Players

Andrew Bronsteen
Marcus & Millichap
Andrew Bronsteen
64 deals$257.5M volume
BROKER
Shaun Riney
Marcus & Millichap
Shaun Riney
355 deals$1.8B volume(718) 475-4369
BROKER
Jason Farese
Marcus & Millichap
Jason Farese
24 deals$84.6M volume(718) 475-4352
BROKER
EC
EMP Capital
BUYER

Details

SOLD
IMAGE: Jason Farese, Elie Pariente, Shaun Riney & Andrew Bronsteen DATE: 5/22/2025 ADDRESS: 563 Washington Avenue MARKET: Brooklyn ASSET TYPE: Development Site BUYER: EMP Capital BROKERS: Shaun Riney (@ShaunRiney1), Andrew Bronsteen (@BKBronsteen) & Jason Farese (@jrfaresenymf) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $7,000,000 NOTE FROM BROKER: Buyer closed all cash

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$373,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
Annual Debt Service$398,202.85