Michael Benedek Acquires Development Site In Prospect Park South, BK For $6.6M
SOLD
$6,600,000
New York
See Similar DealsDevelopment Site201,560 SF
Sold 01/09/2020
SOLD
Michael Benedek Acquires Development Site In Prospect Park South, BK For $6.6M
822 Flatbush Ave, Brooklyn, NY 11226, USA
See Similar DealsDevelopment Site201,560 SF
Sold 01/09/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$32
Total Square Footage:201,560 SF
Transaction Type:Sale
A development site located at 822 Flatbush Avenue in Prospect Park South, Brooklyn, has been sold for a total of $6,600,000. The property spans a total square footage of 20,156, with a building square footage of 34,848. The price per square foot stands at $327, and the price per building square foot is $189. The transaction took place on 01/09/2020.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,600,000
- Street Address: 822 Flatbush Avenue
- Market: Prospect Park South, BK
Ralph Braha acted as the seller in this transaction, while Michael Benedek emerged as the buyer. The deal was facilitated by Mike Kerwin, Michael Guttman, and Jack Zalta from Rosewood Realty Group NY. Notably, the property is primarily vacant, consisting of a four-story building.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$352,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,448.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,287.37
Annual Debt Service$375,448.41
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