Andrew Lichtenstein, President of LichtensteinRE, has just sold the development site located at 3016 Brighton 5th Street in the Brighton Beach section of Brooklyn, for the full asking price of $775,000 all cash.
Riverdale, New York, December 30, 2015 — Andrew Lichtenstein, President of LichtensteinRE, has just sold the development site located at 3016 Brighton 5th Street in the Brighton Beach section of Brooklyn, for the full asking price of $775,000 all cash.
This site is a 3,200 square feet lot containing a 4,480 square foot wood frame 2 story 2 family home plus garage. The sale price represents a bargain of only $110 per buildable square foot and $77,500 per unit if the buyers build 10 apartment units. For the developer buyer, it represents a total projected buildable square foot of 7,040 and a projected usable sf of 6,054.
Andrew Lichtenstein, the exclusive listing broker suggested that the buyers attempt to apply for and construct up to 10 one bedroom apartments, representing 6000 square feet of usable residential apartments.
In 2015, the average of one bedroom rents in the neighborhood was $1,829 for a one bedroom apartment. Andrew used an average monthly rent of $1,650 to get to a projected residential apartment total gross annual rental income projected of $198,000. Additionally, he projected a rental income for street level parking and other sources of $48,000. The projected gross income could reach $247,683 and the Net Income projected after expenses could reach $183,468 annually.
“As exclusive broker, we were able to find a buyer who recognized this fantastic development opportunity and took advantage of these profitable projections,” said Andrew Lichtenstein.
The property is located between Ocean View Avenue and Ocean Parkway in a very desirable section of Brooklyn near shopping and popular Russian restaurants. Additionally, future tenants will have easy access to the beautiful Atlantic Ocean beach and the world famous Boardwalk making high demand summertime rentals a rare commodity. They can maximize summer fun by enjoying fishing, swimming and boating activities and some of the world’s best Oysters and Clams right there in Sheepshead Bay and Coney Island.
Additionally, the property is only 1 block from the B and Q subway lines and the B1, B4 and B68 MTA buses. For drivers going to Manhattan or other boroughs, it has easy access to the Belt Parkway.
The property was marketed exclusively by Andrew Lichtenstein who was the sole source that procured the buyers as well. LichtensteinRE has been actively selling multifamily property for its clients in and around New York City.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property.
DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing.
To learn more contact Andrew Lichtenstein at (800) 242-9888 or AL@LichtensteinRE.com