Updated Oct 29, 2024
Double Diamond Companies Sells 2,079 Acre Development Site For $13.3M
974 Cold Spring Rd, Forestburgh, NY 12777, USA
$13,300,000
$1,459/SF
Building Size
9,116 SF
Asset Type
Development Site
Closing
Aug 11, 2020
About this deal
AI
The largest subdivision development site in New York State history has been sold for a whopping $13,300,000. Spanning across 2,079 acres, this development site is located at 974 Cold Spring Road in Forestburgh, Sullivan County. It offers immense potential for residential construction with nearly 3,000 homes planned to be built in close proximity to Resorts.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $13,300,000
- Acres: 2,079 Acres
- Market: Forestburgh (Sullivan County)
The seller of this impressive development site is Double Diamond Companies. However, the identity of the buyer has not been disclosed. The transaction was facilitated by Josh Goldflam from the Highcap Group, who represented the seller in this deal.
Players
Forestburgh 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
1.19%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93