Updated Dec 6, 2024
Joyland Group Acquires Development Site At 133 Kent Avenue Brooklyn For $48.25M
133 Kent Avenue
$48,250,000
$670/SF
Building Size
72,000 SF
Asset Type
Development Site
Closing
Nov 27, 2024
About this deal
AI
The development site located at 133 Kent Avenue in Brooklyn has been sold for $48,250,000. The asset encompasses a total square footage of 72,000, resulting in a price per square foot of $670.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $48,250,000
- Address: 133 Kent Avenue
- Market: Brooklyn
- Square Footage: 72,000
- Price Per Square Foot: $670
- Buyer: Joyland Group - Joel Wertzberger
- Seller: L3 Capital - Paul Szigetvari, Domenic Lanni & Tim Phair
- Brokers: Ethan Stanton, Brendan Maddigan, Michael Mazzara & Brett Baskin - JLL
The buyers, represented by Joel Wertzberger of Joyland Group, acquired the site from a group led by Paul Szigetvari, Domenic Lanni, and Tim Phair from L3 Capital. The transaction involved multiple brokers from JLL, including Ethan Stanton, Brendan Maddigan, Michael Mazzara, and Brett Baskin, who facilitated the deal.
On the Map
$48,250,000
$670/SF
Development Site
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Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93