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962 Bushwick Avenue

SG NY Capital Acquires Development Site On Bushwick Avenue For $7M
SOLDDevelopment Site

SG NY Capital Acquires Development Site On Bushwick Avenue For $7M

962 Bushwick Avenue & 976 Bushwick Avenue

$7,000,000

Building Size

Asset Type

Development Site

Closing

Jan 5, 2024

AI

Two adjacent lots on either side of a church in Bushwick, Brooklyn have been sold for a total of $7,000,000. The buyer, Shimon Greenfeld of SG NY Capital, acquired the development site from the seller, Royalton Capital. The property, located at 962 & 976 Bushwick Avenue, is a 421a approved site with DOB approved plans for the construction of two seven-story multifamily buildings. The sale price equates to a price per buildable square foot (PPBSF) of $171, with a total buildable square footage (BSF) of 40,922. This transaction was facilitated by brokers Shaun Riney, Michael Salvatico, and John Lopez of Marcus & Millichap.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $7,000,000
  • Buyer: Shimon Greenfeld - SG NY Capital
  • Seller: Royalton Capital
  • Brokers: Shaun Riney, Michael Salvatico & John Lopez - Marcus & Millichap
  • Address: 962 & 976 Bushwick Avenue
  • Market: Bushwick, Brooklyn
  • BSF: 40,922
  • PPBSF: $171

This transaction marks a significant opportunity for the buyer to develop two multifamily buildings within the vibrant neighborhood of Bushwick. The property's 421a approval ensures potential tax benefits for the future development. Special thanks are extended to the seller's legal counsel, Robert Brusco of Hunton Andrews Kurth LLP, for facilitating a smooth transaction. For further inquiries about this deal, interested parties can contact John Lopez at 914.806.4921.

Players

Michael Salvatico

Marcus & Millichap

Broker

$798.5M

vol

176 deals

Broker
Shaun Riney
Verified Badge

Shaun Riney

Marcus & Millichap

Broker

$1.8B

vol

363 deals

Broker

Shimon Greenfeld

Buyer

$10.6M

vol

3 deals

Buyer
RC
Royalton CapitalSeller

Brooklyn Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.27%

Cash-on-Cash

-0.65%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93