PX4 Development Secures $7M Loan For 13-Acre Land Site In Central Islip, NY
215-263 Carlton Avenue
$7,000,000
Building Size
—
Asset Type
Land
Closing
Oct 5, 2023
AI
PX4 Development, led by Michael Puntillo, has secured $7 million in acquisition financing for a 13-acre land site located at 215-263 Carlton Avenue in Fort Greene, Brooklyn. The property, previously used by NYIT, offers significant potential for development.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $7,000,000
- Address: 215-263 Carlton Avenue
- Market: Fort Greene, Brooklyn
- Landlord: PX4 Development - Michael Puntillo
- Brokers: Eli Levenfeld & Keith Braddish - NorthMarq
Eli Levenfeld and Keith Braddish of NorthMarq represented PX4 Development in this acquisition loan deal. The financing offers PX4 Development the opportunity to further its plans for the 13-acre land site in Central Islip, New York.
Players
Brooklyn Land Market Snapshot
Boundary boundary · Land · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93