Updated Jan 30, 2024
Marcus & Millichap Brokers Sell Development Site In Greenpoint, Brooklyn For $1.625M
68 Commercial Street, Greenpoint, Brooklyn, NY, USA
$1,625,000
$309/SF
Building Size
5,256 SF
Asset Type
Development Site
Closing
Nov 9, 2021
About this deal
AI
A development site located at 68 Commercial Street in Greenpoint, Brooklyn, was recently sold off-market. The property is zoned M1-2/R6, MX-8, and offers a total buildable square footage of 5,256. The transaction involved the sale of the property by The Balamut Family for a price of $1,625,000 at a price per buildable square footage of $309.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $1,625,000
- Address: 68 Commercial Street
- Market: Greenpoint, Brooklyn
- Asset Type: Development Site
- Zoning: M1-2/R6, MX-8
- Seller: The Balamut Family
- Brokers: Shaun Riney, Mike Salvatico & Sam Leppo - Marcus & Millichap
- Buildable Square Footage: 5,256
- Price per Buildable Square Footage: $309
Shaun Riney, Mike Salvatico, and Sam Leppo from Marcus & Millichap represented the seller, The Balamut Family, in this transaction.
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
9.76%
Cash-on-Cash
-2.79%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93