Updated Dec 4, 2024
Jacob Katz Acquires Development Site At 172 3rd Avenue From Elo Group For $22M
172 3rd Avenue
$22,000,000
$200/SF
Building Size
110,000 SF
Asset Type
Development Site
Closing
Nov 6, 2024
About this deal
AI
The development site located at 172 3rd Avenue in Gowanus, Brooklyn, was sold for $22,000,000, reflecting a price per buildable square foot of $200.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,000,000
- Address: 172 3rd Avenue
- Market: Gowanus Brooklyn
- Buyer: Jacob Katz
- Seller: Elo Group
- Broker: Hirschy Zaks - Venture Capital Properties
The transaction involved Jacob Katz as the buyer and Elo Group as the seller, with broker Hirschy Zaks representing the buyer in this deal.
The development site sale at 172 3rd Avenue in New York, New York sold for $22M in 2024. The building is 110,000 square feet, implying about 200 per square foot on the published price. Hirschy Zaks, Venture Capital Properties appear on the sale alongside Venture Capital Properties. This page is the New York, New York file for the 172 3rd Avenue development site sold: pricing, party profiles, and other closed development site comps from the same New York sit in the Market section below. Filter that New York development site set by closing date to see what else sold near 172 3rd Avenue around 2024. Published consideration for 172 3rd Avenue is $22M, dated 2024. Cite this Jacob Katz Acquires Development Site At 172 3rd Avenue From Elo Group For $22M sale when underwriting similar development site product around New York, New York.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93