Updated Jul 13, 2026
Jack Gold & Rivkah Sontag-Tepler Acquire Development Site In Brooklyn For Luxury Condominium Project
809 Bergen Street
Building Size
5,000 SF
Asset Type
Development Site
Closing
May 26, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 809 Bergen Street in Brooklyn. The site features a buildable square footage of 12,500 and has an existing square footage of 5,000, positioning it as a prime location for future residential development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Not specified
- Address: 809 Bergen Street
- Market: Brooklyn
- Buildable Square Footage: 12,500
- Existing Square Footage: 5,000
- Buyer: Jack Gold & Rivkah Sontag-Tepler - 7th Street Development Group
- Seller: Joseph Rochester
- Broker: Mendel Jacobson -ONE NYC RE
This transaction marks a successful collaboration between 7th Street Development Group and 809 Bergen Inc. for the development of a luxury condominium project. The joint venture is situated strategically at the intersection of Crown Heights and Prospect Heights, areas that are witnessing significant growth and investment in the residential sector.
On the Map
Development Site
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Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93