Isaac Schwartz Acquires Development Site From The Continuum Company In Brooklyn For $54.3M
SOLD
$54,300,000
+ 1
New York
See Similar DealsDevelopment Site289,957 SF
Sold 09/16/2025
SOLD
Isaac Schwartz Acquires Development Site From The Continuum Company In Brooklyn For $54.3M
970 Franklin Avenue
See Similar DealsDevelopment Site289,957 SF
Sold 09/16/2025
+ 1
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$187
Total Square Footage:289,957 SF
Transaction Type:Sale
The property asset involved in the transaction is a development site located at 970 Franklin Avenue in Brooklyn. The sale was finalized at a price of $54,300,000, encompassing a building square footage of 289,957 and a price per buildable square foot of $187.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $54,300,000
- Buyer: Isaac Schwartz
- Seller: The Continuum Company
- Broker Representation: Andrew Scandalios, Ethan Stanton, Brendan Maddigan & Michael Mazzara - JLL
Key individuals involved in the transaction include the buyer Isaac Schwartz and the seller, The Continuum Company, with broker representation provided by Andrew Scandalios, Ethan Stanton, Brendan Maddigan, and Michael Mazzara from JLL, highlighting the professionals facilitating the deal.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,896,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$192,916.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$257,409.70
Annual Debt Service$3,088,916.43
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