Updated Sep 30, 2025
Brookfield Property Partner Acquires Development Site In Mott Haven, Bronx For $165M
101 Lincoln Ave, The Bronx, NY 10454, USA
Building Size
—
Asset Type
Development Site
Closing
Apr 3, 2018
About this deal
AI
Brookfield Property Partner has acquired a development site in Mott Haven, Bronx, located at 101 Lincoln Avenue and 2401 Third Avenue, for a price of $165,000,000. The property, which spans an undisclosed amount of square footage, was sold by Somerset Partners, represented by Keith Rubenstein, and the Chetrit Group, represented by Joseph Chetrit.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $165,000,000
- Address: 101 Lincoln Avenue and 2401 Third Avenue, Mott Haven, Bronx, New York
- Seller: Somerset Partners - Keith Rubenstein and the Chetrit Group - Joseph Chetrit
- Buyer: Brookfield Property Partner - Ric Clark and Brian Kingston
The transaction involved key individuals such as Ric Clark and Brian Kingston from Brookfield Property Partner, and Keith Rubenstein and Joseph Chetrit from Somerset Partners and the Chetrit Group respectively. The deal was facilitated by CUSHWAKE, an agency representing the buyer and seller in the transaction.
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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