Raven Property Advisors Represents Lender In Sale Of Development Site For $7.7M In Brooklyn
929 Atlantic Avenue
$7,700,000
$440/SF
Building Size
17,469 SF
Asset Type
Development Site
Closing
Jun 4, 2026
AI
A development site located at 929 Atlantic Avenue in Brooklyn has been sold for $7,700,000. The property spans 17,469 square feet, resulting in a price per square foot of $440. This transaction reflects the current market dynamics for development assets in the area.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,700,000
- Square Footage: 17,469
- Price Per Square Foot: $440
- Address: 929 Atlantic Avenue
- Market: Brooklyn
- Brokers: Rich Velotta & Sam Perry - Raven Property Advisors
Rich Velotta and Sam Perry, representing Raven Property Advisors, have completed numerous REO transactions and exclusively represent more across NYC. This sale involved a stalled development site and was categorized as a real estate owned (REO) sale on behalf of the lender.
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
2.06%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93