David Kramer's Hudson Companies Acquires Development Site In Crown Heights For $41.5M
SOLD
$41,500,000
+ 4
New York
See Similar DealsDevelopment Site211,976 SF
Sold 08/26/2021
SOLD
David Kramer's Hudson Companies Acquires Development Site In Crown Heights For $41.5M
975 Nostrand Avenue, Brooklyn, NY 11225, USA
See Similar DealsDevelopment Site211,976 SF
Sold 08/26/2021
+ 4
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$195
Total Square Footage:211,976 SF
Transaction Type:Sale
A development site located at 975 Nostrand Avenue in Crown Heights has been sold for $41,500,000. The property, which spans 211,976 square feet, is zoned as R7-1 and C2-3. The site has dimensions of 239.92 ft x 187.5 ft.
Summary of transaction details
- Property Type: Development Site 🏗
- Transaction Amount: $41,500,000
- Market: Crown Heights
- Zoning: R7-1, C2-3
The buyer of the property is David Kramer from The Hudson Companies, while the seller is John Usdan from Midwood Investment & Development. The deal was facilitated by brokers Daniel O’Brien, Adam Spies, Josh King, Marcella Fasulo, and Caroline Hodes from Cushman & Wakefield.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,213,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$147,440.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$196,731.17
Annual Debt Service$2,360,774.07
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