JIH Builders Group Acquires Development Site In Sheepshead Bay, Brooklyn For $4.5M
SOLD
$4,500,000
New York
See Similar DealsMultiFamily16,000 SF
Sold 02/17/2022
SOLD
JIH Builders Group Acquires Development Site In Sheepshead Bay, Brooklyn For $4.5M
2108 Avenue P, Brooklyn, New York 11229, United States
See Similar DealsMultiFamily16,000 SF
Sold 02/17/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$281
Total Square Footage:16,000 SF
Transaction Type:Sale
Located in the vibrant neighborhood of Sheepshead Bay, Brooklyn, a development site at 2108 & 2112 Avenue P has been sold in a recent transaction. The property spans across an area of 32,000 square feet and presents an excellent opportunity for future development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,500,000
- Date: 02/17/2022
- Market: Sheepshead Bay, Brooklyn
The buyer, JIH Builders Group represented by Isaac Hirsch, acquired the property from the seller, Alex Tsatskis. Facilitating the transaction were Greg Melanson and Michael Murphy from B6 Real Estate Advisors, who served as the brokers in the deal.
This successful sale at 2108 & 2112 Avenue P underscores the continued growth and demand for development opportunities in Sheepshead Bay. With its impressive size and prime location, the property holds significant potential for future projects in the area.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$240,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,987.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,332.30
Annual Debt Service$255,987.55
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