Updated Oct 13, 2026
Joel Schwartz Acquires Development Site In Williamsburg, Brooklyn For $3.13M
596 Metropolitan Avenue, Brooklyn, NY 11211, USA
$3,130,000
$1,932/SF
Building Size
1,620 SF
Asset Type
Development Site
Closing
Feb 27, 2019
About this deal
AI
Located in Williamsburg, Brooklyn, a development site at 596 Metropolitan Avenue has recently been sold for a total of $3,130,000. The property spans a total of 11,500 square feet and has a price per buildable square foot of $272. This development site has a potential for 12 units, with each unit priced at $260,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,130,000
- Square Footage: 11,500
- Price Per Buildable Square Foot: $272
- Total Units: 12
- Price Per Unit: $260,000
The seller of the property is James Tenaglia, Jr., while the buyer is Joel Schwartz from South Side Units. The transaction was facilitated by CPEX Real Estate, with brokers Brian Leary, Sean Sears, Jidan Kim, and Dimitri P. Venekas representing both parties involved in the deal.
On the Map
$3,130,000
$1,932/SF
Development Site
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Players
New York 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
5.07%
Cash-on-Cash
-1.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93