Joyland Group Acquires Industrial Building In Williamsburg For $5.5M
15-19 Wythe Avenue
Building Size
—
Asset Type
—
Closing
Apr 17, 2023
About this deal
AI
Joyland Group's North Williamsburg Corner Kent LLC has acquired an industrial building located at 15-19 Wythe Avenue in Williamsburg, Brooklyn. The property was sold by Gary Zimberg for a transaction amount of $5,500,000. This industrial asset spans a total of 5,000 square feet and includes an additional 4,999 square feet of air rights. The building is situated in the vibrant market of Williamsburg, Brooklyn.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $5,500,000
- Address: 15-19 Wythe Avenue, Williamsburg, Brooklyn
- Market: Williamsburg, Brooklyn
The buyer in this deal was Joyland Group, represented by Joel Wertzberger. On the other side, Gary Zimberg acted as the seller. The purchase price per square foot was $1,100, and the building's size was measured at 5,000 square feet. The buyer also acquired an additional 4,999 square feet of air rights.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93