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
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