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
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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93