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1205 Flatbush Ave #1209, Br...

Alex Weiss Acquires Development Site In Flatbush, Brooklyn For $3.8M
SOLDDevelopment Site

Alex Weiss Acquires Development Site In Flatbush, Brooklyn For $3.8M

1205 Flatbush Ave #1209, Brooklyn, Ny 11226, Usa

$3,800,000

$79/SF

Building Size

47,550 SF

Asset Type

Development Site

Closing

Sep 14, 2020

AI

A development site located at 1205-1209 Flatbush Ave. in Flatbush, Brooklyn has been sold. The property, with a lot size of approximately 7,315 SF, was sold for a price of $3,800,000. The site has a zoning classification of R7A and C2-4, providing potential for development. The buyer of the property is Alex Weiss, while the seller is Arkadiy Orkin.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $3,800,000
  • Address: 1205-1209 Flatbush Ave., Flatbush, Brooklyn
  • Market: Flatbush, Brooklyn
  • Zoning: R7A, C2-4

The deal was facilitated by Stephen Vorvolakos and Andre Sigourney from Ariel Property Advisors.

Players

Stephen Vorvolakos

Ariel Property Advisors

Broker

$275.7M

vol

28 deals

Broker

Alex Weiss

Buyer

$16.6M

vol

4 deals

Buyer

Brooklyn Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.17%

Cash-on-Cash

-1.19%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93