Updated Oct 29, 2024
Amnon Chachem Acquires Development Site In Bedford-Stuyvesant For $2.8M
647 Madison St, Brooklyn, NY 11221, USA
$2,800,000
$215/SF
Building Size
13,000 SF
Asset Type
Development Site
Closing
Aug 11, 2019
About this deal
AI
A development site located at 647 Madison Street in Bedford-Stuyvesant has been sold in a closed transaction. The property, measuring 60′ x 100, is situated in an R6B zoning area. The seller, Jehovah Witness Org, sold the site to the buyer, Amnon Chachem, for a sale price of $2,800,000. The site had an asking price of $2,950,000. The building's square footage (BSF) is 13,000 and the price per buildable square foot (PPBSF) is $215.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,800,000
- Seller: Jehovah Witness Org
- Buyer: Amnon Chachem
- Brokers: DJ Johnston – B6 Real Estate Advisors (@thejohnstonteam_b6realestate)
- Asking Price: $2,950,000
- Building Square Footage (BSF): 13,000
- Price per Buildable Square Foot (PPBSF): $215
DJ Johnston of B6 Real Estate Advisors represented the buyer, Amnon Chachem, in this transaction. The development site is located in the Bedford-Stuyvesant market.
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
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93