Mark Jankowitz Acquires Development Site In Brooklyn Heights For $11.25M
SOLD
$11,250,000
New York
See Similar DealsDevelopment Site
Sold 07/28/2022
SOLD
Mark Jankowitz Acquires Development Site In Brooklyn Heights For $11.25M
88 Schermerhorn Street
See Similar DealsDevelopment Site
Sold 07/28/2022
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 88 Schermerhorn St. in Brooklyn Heights, Brooklyn, has been sold for a price of $11,250,000. The property has a buildable square footage (BSF) of 39,500, resulting in a price per buildable square foot (PPBSF) of $284. The transaction took place on July 28, 2022. The seller, AWH Partners, completed the sale to the buyer, Mark Jankowitz.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $11,250,000
- Address: 88 Schermerhorn St., Brooklyn Heights, Brooklyn
- Market: Brooklyn Heights, Brooklyn
- BSF: 39,500
- PPBSF: $284
The deal was facilitated by the following brokers from Avison Young: Chas Kingsley, Fritz Richter, and Joe Moran. They represented both the buyer, Mark Jankowitz, and the seller, AWH Partners, throughout the transaction.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$600,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,968.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$53,330.74
Annual Debt Service$639,968.87
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