Updated Oct 29, 2024
Southside Units Acquires Development Site On Metropolitan Avenue In Williamsburg, Brooklyn For $3.7M
624 Metropolitan Ave Brooklyn, NY 11211, USA
$3,700,000
$321/SF
Building Size
11,500 SF
Asset Type
Development Site
Closing
Aug 24, 2023
About this deal
AI
A development site located at 624 Metropolitan Avenue in Williamsburg, Brooklyn has been sold for $3,700,000. The property spans approximately 11,500 square feet and has a price per buildable square foot (PPBSF) of $322. The transaction took place on August 24, 2023.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,700,000
- Address: 624 Metropolitan Avenue, Williamsburg, Brooklyn
- Market: Williamsburg, Brooklyn
- BSF: 11,500 square feet
- PPBSF: $322
The buyer of the development site is Southside Units, represented by Joel Schwartz. Red Thumb Development, led by Joseph Dougherty, acted as the seller. The deal was facilitated by brokers Daniel O'Brien, Caroline Hodes, Mike Kavanagh, John Ciraulo, and Craig Waggner from Cushman & Wakefield.
On the Map
$3,700,000
$321/SF
Development Site
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Players
Market 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
4.29%
Cash-on-Cash
-1.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93