Elizabeth Borovinsky & Ariel Shalom Acquire Development Site In Brooklyn For $2.825M
60 Box Street
$2,825,000
$1,100/SF
Building Size
2,567 SF
Asset Type
Development Site
Closing
Mar 27, 2025
AI
The property involved in this transaction is a development site located at 60 Box Street in Brooklyn. The sale price was $2,825,000, and the asset boasts a building square footage (BSF) of 6,931 with a price per building square foot (PPBSF) of $407. Additionally, the property has a total square footage (SF) of 2,567 and a price per square foot (PPSF) of $1,100.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,825,000
- Buyer: Elizabeth Borovinsky & Ariel Shalom - Ariel Development Group
- Seller: Stuart Brenner
- Brokers: Jakub Nowak & Thomas Brennan - Marcus & Millichap
Elizabeth Borovinsky and Ariel Shalom are representatives of Ariel Development Group, a boutique real estate investment company specializing in luxury residential condominiums and townhouses in Manhattan and Brooklyn. They emphasize the alignment of strategy, design, and construction execution in their projects. The brokerage services were provided by Jakub Nowak and Thomas Brennan from Marcus & Millichap.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.62%
Cash-on-Cash
-1.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93