Cheskie Weisz Acquires Dev Site In Williamsburg For $5.5M
SOLD
$5,500,000
New York
See Similar DealsDevelopment Site22,978 SF
Sold 05/19/2021
SOLD
Cheskie Weisz Acquires Dev Site In Williamsburg For $5.5M
686 Lorimer Street, Brooklyn, NY 11211
See Similar DealsDevelopment Site22,978 SF
Sold 05/19/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$239
Total Square Footage:22,978 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$293,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$19,540.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,072.81
Annual Debt Service$312,873.67
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