Monadnock Development Acquires Development Site At 832 Rutland Road In East Flatbush, Brooklyn From Brookdale Hospital Medical Center For $26.7M
832 Rutland Road
$26,672,250
Building Size
—
Asset Type
Development Site
Closing
Dec 13, 2023
AI
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
Brooklyn 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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93