Updated Sep 9, 2024
Michael Benedek Acquires Development Site In Prospect Park South, BK For $6.6M
822 Flatbush Ave, Brooklyn, NY 11226, USA
$6,600,000
$32/SF
Building Size
201,560 SF
Asset Type
Development Site
Closing
Jan 8, 2020
About this deal
AI
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.
On the Map
$6,600,000
$32/SF
Development Site
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Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.40%
Cash-on-Cash
-0.69%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93