Shlomo Karpen Acquires Development Site In Prospect Lefferts Garden For $20 Million
SOLD
$20,000,000
+ 2
New York
See Similar DealsDevelopment Site
Sold 07/10/2025
SOLD
Shlomo Karpen Acquires Development Site In Prospect Lefferts Garden For $20 Million
Clarkson Avenue
See Similar DealsDevelopment Site
Sold 07/10/2025
+ 2
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$71,055.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$94,810.20
Annual Debt Service$1,137,722.44
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