Garone Family Sells Brooklyn Development Site For $2.5M
66 Hope Street, Brooklyn, NY, USA
$2,500,000
$326/SF
Building Size
7,665 SF
Asset Type
Retail
Closing
Jan 26, 2021
AI
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.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93