Updated Dec 4, 2024
Louis Lebovits Of BridgeCity Capital Acquires Development Site In Brooklyn For $3M
753-757 Washington Avenue
$3,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 27, 2024
About this deal
AI
The property involved in the transaction is a development site located at 753-757 Washington Avenue in Brooklyn. The sale price was $3,000,000, translating to approximately $286 per buildable square foot for a total of 10,500 buildable square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,000,000
- Buyer: Louis Lebovits - BridgeCity Capital
- Seller: Jerry Walsh
- Brokers: Jake Torre & Jason Grunberg - SAB Capital
- Buildable Square Feet: 10,500
- Price per Buildable Square Foot: $286
The transaction was facilitated by brokers Jake Torre and Jason Grunberg from SAB Capital, who were hired by the seller after years of advising them. The competitive marketing process attracted 21 written offers, ultimately leading to a deal with favorable terms from an active developer in Brooklyn.
On the Map
$3,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93