Dave Nourmand Acquires Development Site In Bedford-Stuyvesant, Brooklyn For $775,000
83 Malcolm X Boulevard, Brooklyn, NY 11221
$775,000
$140/SF
Building Size
5,520 SF
Asset Type
Development Site
Closing
Sep 9, 2020
AI
A development site located at 83 Malcolm X Boulevard in Bedford-Stuyvesant, Brooklyn has been sold in a recent transaction. The property, with a lot size of 20 ft x 92 ft, is zoned as R6A, making it suitable for development. The sale was facilitated by Adam Traub from Curb Capital and the buyer was Dave Nourmand.
Summary of transaction details:
- Property Type: Development Site
- Sale Price: $775,000
- Building Square Footage: 5,520
- Price per Building Square Foot: $140
- Address: 83 Malcolm X Boulevard, Bedford-Stuyvesant, Brooklyn
- Market: Bedford-Stuyvesant, Brooklyn
The sale was closed on 09/10/2020 after the contract was signed on August 1st. The buyer, Dave Nourmand, is an experienced investor who plans to develop an 8-unit rental project on the site. Interested parties can contact Adam Traub at Curb Capital for similar development and value add projects in New York City.
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
20.47%
Cash-on-Cash
-5.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93