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652 Greene Avenue

Arik Bar Chaim Of Building BK Acquires Development Site From The Graham Family For $1.825M
SOLDDevelopment Site

Arik Bar Chaim Of Building BK Acquires Development Site From The Graham Family For $1.825M

652 Greene Avenue

$1,825,000

$228/SF

Building Size

8,000 SF

Asset Type

Development Site

Closing

Apr 27, 2025

AI

The asset involved in this transaction is a development site located at 652 Greene Avenue in Bedford Stuyvesant, Brooklyn. The sale price for the property was $1,825,000, with a building square footage of 8,000, resulting in a price per building square foot of $228.

Summary of transaction details:

The transaction was facilitated by John Lopez, Shaun Riney, and Daniel Greenblatt, who represented the sellers in the deal through their affiliation with Marcus & Millichap. This team can be contacted for further inquiries concerning similar development sites or the impact of the City of Yes on land values across Brooklyn.

Players

Daniel Greenblatt

Marcus & Millichap

Broker

$263.4M

vol

69 deals

Broker
Shaun Riney
Verified Badge

Shaun Riney

Marcus & Millichap

Broker

$1.8B

vol

358 deals

Broker

Arik Bar Chaim

Buyer

$22.2M

vol

8 deals

Buyer

Brooklyn 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

8.69%

Cash-on-Cash

-2.48%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93