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Clipper Equity And Nalcorp Acquire 429-Unit Industrial & Development Site In Flatbush For $90.9M

Property Image
SOLD
$90,882,000

New York

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Development Site190,821 SF
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SOLD

Clipper Equity And Nalcorp Acquire 429-Unit Industrial & Development Site In Flatbush For $90.9M

2359 Bedford Avenue, Brooklyn, New York 11226, United States

See Similar Deals
Development Site190,821 SF
Sold
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$476
Total Square Footage:190821 SF
Transaction Type:Sale

An industrial and development site located at 2359 & 2360 Bedford Avenue in Flatbush has been sold for a total of $90,882,000. The property spans 190,821 square feet and has a price per square foot of $476. The transaction involved a total of 429 units, with an average price per unit of $211,846.

Summary of transation details

  • Property Type: Industrial & Development Site
  • Transaction Amount: $90,882,000
  • Address: 2359 & 2360 Bedford Avenue
  • Market: Flatbush
  • Buyer: Clipper Equity - David Bistricer & Nalcorp - Anshel Fridman
  • Seller: Vornado Realty Trust & Sears
  • Units: 429
  • Price per Unit: $211,846
  • Square Footage: 190,821
  • Price per Square Foot: $476

David Bistricer and Anshel Fridman, representing Clipper Equity and Nalcorp respectively, acted as the buyers in this transaction. The sellers in this deal were Vornado Realty Trust and Sears.

Players

Vornado Realty Trust
Vornado Realty Trust
SELLER

Details

SOLD
IMAGE: David Bistricer DATE: 05/16/2022 ADDRESS: 2359 & 2360 Bedford Avenue MARKET: Flatbush ASSET TYPE: Industrial & Development Site BUYER: Clipper Equity (@ClipperEquity) - David Bistricer & Nalcorp - Anshel Fridman SELLER: Vornado Realty Trust (@VornadoRealtyTrust) & Sears (@Sears) SALE PRICE: $90,882,000 UNITS: 429 ~ PPU: $211,846 SF: 190,821 ~ PPSF: $476

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

$4,847,040.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$322,884.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$430,827.05
Annual Debt Service$5,169,924.55