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240 Nassau Street

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

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

240 Nassau Street

$15,000,000

Building Size

Asset Type

Development Site

Closing

Nov 16, 2023

AI

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

Broker

$1.8B

vol

94 deals

Broker
AD
Alloy DevelopmentBuyer

Brooklyn 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

1.06%

Cash-on-Cash

-0.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93