Cheskie Weisz Acquires Dev Site In Williamsburg For $5.5M
686 Lorimer Street, Brooklyn, NY 11211
$5,500,000
$239/SF
Building Size
22,978 SF
Asset Type
Development Site
Closing
May 18, 2021
AI
Cheskie Weisz has purchased a development site located at 676-680-684-686 Lorimer St. in the Williamsburg market. The property, situated in a prime location, offers significant potential for development. The transaction was completed on May 19, 2021.
Summary of transation details
- Property Type: Dev site
- Transaction Amount: $5,500,000
- Address: 676-680-684-686 Lorimer St.
- Market: Williamsburg
Cheskie Weisz, the buyer, acquired the property from Michael Weiss for a total price of $5,500,000. The sale encompasses a total building square footage (BSF) of 22,978. The price per square foot (PPSF) is calculated at $239. This transaction marks a significant development opportunity in the thriving Williamsburg 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
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93