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Alloy Development Acquires Development Site On Nassau Street In Downtown Brooklyn For $15M

Property Image
SOLD
$15,000,000
David Lebenstein
Daniel (Dan) O'Brien
Caroline Hodes

New York

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Development Site
Sold 11/16/2023
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Property Image
SOLD

Alloy Development Acquires Development Site On Nassau Street In Downtown Brooklyn For $15M

240 Nassau Street

See Similar Deals
Development Site
Sold 11/16/2023
David Lebenstein
Daniel (Dan) O'Brien
Caroline Hodes
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

Alloy Development has acquired a development site located at 240 Nassau Street in Downtown Brooklyn. The property was sold by the Madison Square Boys & Girls Club for a total sale price of $15,000,000. The site spans a total of 71,039 square feet, resulting in a price per buildable square foot of $211. The transaction was facilitated by brokers Daniel O'Brien and Caroline Hodes from Newmark, and David Lebenstein from Cushman & Wakefield.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $15,000,000
  • Address: 240 Nassau Street, Downtown Brooklyn
  • Market: Downtown Brooklyn
  • BSF: 71,039
  • PPBSF: $211

The acquisition of the development site at 240 Nassau Street was facilitated by Alloy Development, a prominent player in the real estate industry. Daniel O'Brien and Caroline Hodes from Newmark, along with David Lebenstein from Cushman & Wakefield, represented the parties involved in the transaction. This deal marks an important milestone for Alloy Development as they expand their portfolio in Downtown Brooklyn.

Players

Caroline Hodes
Newmark
Caroline Hodes
93 deals$1.8B volume(516) 263-9404
BROKER
Daniel (Dan) O'Brien
Newmark
Daniel O'Brien
145 deals$4.6B volume(212) 698-5584
BROKER
David Lebenstein
Cushman & Wakefield
David Lebenstein
13 deals$75.7M volume
BROKER
AD
Alloy Development
BUYER

Details

SOLD
IMAGE: Caroline Hodes, Daniel O'Brien & David Lebenstein DATE: 11/16/2023 ADDRESS: 240 Nassau Street MARKET: Downtown Brooklyn ASSET TYPE: Development Site BUYER: Alloy Development SELLER: Madison Square Boys & Girls Club BROKERS: Daniel O'Brien & Caroline Hodes (@CarolineHodes) - Newmark; David Lebenstein (@DavidLebenstein) - Cushman & Wakefield (@CushWake) SALE PRICE: $15,000,000 BSF: 71,039 ~ PPBSF: $211

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

$799,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83