Updated Jul 28, 2025
Shlomo Karpen Acquires Development Site In Prospect Lefferts Garden For $20 Million
Clarkson Avenue
$20,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 10, 2025
About this deal
AI
The development site located at 224-240 Clarkson Avenue in the Prospect Lefferts Garden market has been sold for $20,000,000. The site encompasses 150,300 square feet, with a price per buildable square foot of $133.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Address: 224-240 Clarkson Avenue
- Market: Prospect Lefferts Garden
- BSF: 150,300
- PPBSF: $133
- Buyer: Shlomo Karpen
- Seller: Albert Rabizadeh
- Brokers: Shimon Shkury, Sean R. Kelly & Lawrence Sarn - Ariel Property Advisors
The transaction was facilitated by Shimon Shkury, Sean R. Kelly, and Lawrence Sarn, who represented the buyer, Shlomo Karpen, and the seller, Albert Rabizadeh, underscoring the roles of the brokers in the deal.
On the Map
$20,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93