Updated Oct 28, 2024
Property Markets Group Acquires Development Site In Gowanus, Brooklyn For $59.5M Loan
267 Bond Street, Brooklyn, NY, USA
$18,500,000
$184/SF
Building Size
100,251 SF
Asset Type
Development Site
Closing
Mar 11, 2021
About this deal
AI
The development site at 495, 498-510 Sackett Street & 267 Bond Street in Gowanus, Brooklyn has been involved in a closed transaction. The property, with a building square footage (BSF) of 490,000, is a development site located in the Gowanus neighborhood of Brooklyn.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $59,500,000
- Address: 495, 498-510 Sackett Street & 267 Bond Street
- Market: Gowanus, Brooklyn
- BSF: 490,000
The loan for this transaction was provided by Maxim Capital Group. Adam Glick, Jason Bordenick, and Josh Greene represented Maxim Capital Group as lenders. The loan amount for the transaction was $59,500,000, and it was a construction loan.
The landlord in this deal was Property Markets Group. Kevin Maloney, Ryan Shear, and Daniel Kaplan represented Property Markets Group as the landlords.
On the Map
$18,500,000
$184/SF
Development Site
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Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93