Kriss Capital Acquires Crown Heights Development Site For $12M
827 Sterling Place, Brooklyn, New York 11216, United States
$12,000,000
$223/SF
Building Size
53,673 SF
Asset Type
Development Site
Closing
Jun 13, 2022
AI
A development site located at 827 Sterling Pl. in Crown Heights has been sold for $12,000,000. The property spans approximately 53,673 square feet, with a price per buildable square foot (PPBSF) of $223. The transaction took place on June 14, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Address: 827 Sterling Pl.
- Market: Crown Heights
- BSF: 53,673
- PPBSF: $223
The buyer of the development site is Kriss Capital, represented by Jody Kriss and Mark Luehring-Jones. The brokers involved in the transaction are Roget Lerner and Jacob Rader from Roleco LLC.
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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93