Bain Capital & Bungalow Projects Acquire Industrial Property In Red Hook For $34M
SOLD
$34,024,939
New York
See Similar DealsDevelopment Site80,000 SF
Sold 04/29/2024
SOLD
Bain Capital & Bungalow Projects Acquire Industrial Property In Red Hook For $34M
145 Wolcott Street
See Similar DealsDevelopment Site80,000 SF
Sold 04/29/2024
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$425
Total Square Footage:80,000 SF
Transaction Type:Sale
An industrial property located at 145 Wolcott Street in Red Hook was recently sold for $34,024,939. The property spans 80,000 square feet, translating to a price per square foot of $425. Additionally, the building size is 225,000 square feet, amounting to a price per square foot of $151.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $34,024,939
- Address: 145 Wolcott Street
- Market: Red Hook
The sale was facilitated by brokers David Behin, Daniel O'Brien, and Caroline Hodes from Newmark. The buyers, Bain Capital & Bungalow Projects, acquired the property from the sellers, Four Points & 20 Lakes Holding, in this significant transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,814,663.41
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$120,883.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,295.57
Annual Debt Service$1,935,546.83
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