SOLDDevelopment Site
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
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.
New York 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
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93