Updated Sep 5, 2024
Investment Property Realty Group Acquires Development Site In Prospect-Lefferts-Gardens, Brooklyn For $11M
625-629 New York Avenue & 447 Fenimore Street
$11,000,000
$552/SF
Building Size
19,900 SF
Asset Type
Development Site
Closing
Feb 22, 2023
About this deal
AI
The development site located at 625-629 New York Avenue & 447 Fenimore Street in Prospect-Lefferts-Gardens, Brooklyn has been sold for a total price of $11,000,000. The site encompasses a total buildable square footage (BSF) of 56,900, with a price per buildable square footage (PPBSF) of $194. The lot square footage (LSF) is 19,900.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11,000,000
- Address: 625-629 New York Avenue & 447 Fenimore Street
- Market: Prospect-Lefferts-Gardens, Brooklyn
- Built Square Footage (BSF): 56,900
- Price per Buildable Square Footage (PPBSF): $194
- Lot Square Footage (LSF): 19,900
The seller of the development site is Joseph Merola. The deal was facilitated by the brokers Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila from Investment Property Realty Group (IPRG).
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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93