Garone Family Sells Brooklyn Development Site For $2.5M
SOLD
$2,500,000
New York
See Similar DealsRetail7,665 SF
Sold 01/27/2021
SOLD
Garone Family Sells Brooklyn Development Site For $2.5M
66 Hope Street, Brooklyn, NY, USA
See Similar DealsRetail7,665 SF
Sold 01/27/2021
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$326
Total Square Footage:7,665 SF
Transaction Type:Sale
A development site located at 66 Hope St in Brooklyn was recently sold for $2,500,000. The property, which has a lot size of 33.83 ft x 85 ft, offers a total buildable square footage (BSF) of 8,628. The price per buildable square footage (PPBSF) stands at $289. The site falls under the M1-2/R6A, MX-8 zoning regulations.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $2,500,000
- Address: 66 Hope St, Brooklyn
- Market: Brooklyn
- Lot Size: 33.83 ft x 85 ft
- BSF: 8,628
- PPBSF: $289
- Zoning: M1-2/R6A, MX-8
The sale was facilitated by Daniel Abbondandolo, Dimitri Mastrogiannis, and Mike Ventricelli from CushWake representing the seller, The Garone Family.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$8,881.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,851.28
Annual Debt Service$142,215.31
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