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Douglaston Development Acquires Development Site On Atlantic Avenue In Brooklyn For $66M

Property Image
SOLD
$66,000,000
Ofer Cohen
Daniel (Dan) Lebor
Dan Marks
+ 2

New York

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Development Site46,000 SF
Sold 05/26/2023
the dealplayerscompscontact
Property Image
SOLD

Douglaston Development Acquires Development Site On Atlantic Avenue In Brooklyn For $66M

1057 Atlantic Ave Brooklyn, NY 11238, USA

See Similar Deals
Development Site46,000 SF
Sold 05/26/2023
Ofer Cohen
Daniel (Dan) Lebor
Dan Marks
+ 2
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,434
Total Square Footage:46,000 SF
Transaction Type:Sale

A development site located at 1057 Atlantic Avenue in Brooklyn has been sold for a price of $66,000,000. The site spans 46,000 square feet and has a buildable square footage of 474,000.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $66,000,000
  • Address: 1057 Atlantic Avenue
  • Market: Brooklyn
  • Buyer: Douglaston Development - Jeff Levine & Jed Resnick
  • Seller: BEB Capital - Lee Brodsky & TOTEM - Tucker Reed
  • Brokers: Ofer Cohen, Daniel Lebor & Dan Marks - Terra CRG
  • SF: 46,000
  • BSF: 474,000

The buyer of the property is Douglaston Development, represented by Jeff Levine and Jed Resnick. The seller of the property is BEB Capital, represented by Lee Brodsky and TOTEM, represented by Tucker Reed. The deal was facilitated by brokers Ofer Cohen, Daniel Lebor, and Dan Marks from Terra CRG.

Players

Daniel (Dan) Lebor
Terra CRG
Daniel Lebor
50 deals$986.7M volume
BROKER
Ofer Cohen
Terra CRG
Ofer Cohen
25 deals$606.2M volume
BROKER
Dan Marks
Terra CRG
Dan Marks
48 deals$904.6M volume
BROKER
JL
Douglaston Development
Jeff Levine
4 deals$116.9M volume
BUYER
JR
Douglaston Development
Jed Resnick
3 deals$302.5M volume
BUYER

Details

SOLD
IMAGE: Jeff Levine, Jed Resnick, Lee Brodsky, Tucker Reed, Ofer Cohen, Daniel Lebor & Dan Marks DATE: 05/26/2023 ADDRESS: 1057 Atlantic Avenue MARKET: Brooklyn ASSET TYPE: Development Site BUYER: Douglaston Development - Jeff Levine & Jed Resnick SELLER: BEB Capital - Lee Brodsky & TOTEM (@TotemBrooklyn) - Tucker Reed BROKERS: Ofer Cohen, Daniel Lebor & Dan Marks (@BrooklynDanny) - Terra CRG (@TerraCRG) SALE PRICE: $66,000,000 SF: 46,000 BSF: 474,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,520,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$234,484.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$312,873.67
Annual Debt Service$3,754,484.06