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Monadnock Development Acquires Development Site At 832 Rutland Road In East Flatbush, Brooklyn From Brookdale Hospital Medical Center For $26.7M

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SOLD
$26,672,250

New York

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Development Site
Sold 12/13/2023
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Property Image
SOLD

Monadnock Development Acquires Development Site At 832 Rutland Road In East Flatbush, Brooklyn From Brookdale Hospital Medical Center For $26.7M

832 Rutland Road

See Similar Deals
Development Site
Sold 12/13/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

Monadnock Development, in collaboration with VB Ccpopd Housing Development Fund Corporation, has acquired a development site at 832 Rutland Road in East Flatbush, Brooklyn. The property, sold by Brookdale Hospital Medical Center, was purchased for $26.7 million. The development site spans a total of 338,611 square feet, resulting in a purchase price of approximately $79 per square foot.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $26,672,250
  • Date: 12/13/2023
  • Address: 832 Rutland Road
  • Market: East Flatbush, Brooklyn
  • Buyer: Nicholas Lembo - Monadnock Development
  • Seller: LaRay Brown - Brookdale Hospital Medical Center

The acquisition of 832 Rutland Road was led by Nicholas Lembo from Monadnock Development and LaRay Brown from Brookdale Hospital Medical Center. This transaction is a significant milestone for both organizations as they aim to collaborate on the development of the site.

Players

Nick Lembo
Nick Lembo
5 deals$217.6M volume
BUYER

Details

SOLD
IMAGE: Nicholas Lemb & LaRay Brown DATE: 12/13/2023 ADDRESS: 832 Rutland Road MARKET: East Flatbush, Brooklyn ASSET TYPE: Development Site BUYER: Nicholas Lembo - Monadnock Development (@MonadnockConstruction) SELLER: LaRay Brown - Brookdale Hospital Medical Center SALE PRICE: $26,672,250 BSF: 338,611 ~ PPBSF: $79 NOTE: Monadnock Development, in collaboration with VB Ccpopd Housing Development Fund Corporation, has acquired a development site at 832 Rutland Road in East Flatbush, Brooklyn, from Brookdale Hospital Medical Center for $26.7 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,422,520.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$94,760.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$126,440.07
Annual Debt Service$1,517,280.87