Updated Dec 21, 2023
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
About this deal
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.
On the Map
$775,000
$140/SF
Development Site
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Players
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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