Updated Oct 29, 2024
Tavros Capital & Charney Companies Acquire Gowanus Development Site For $22.5M
251 Douglass St, Brooklyn, NY 11217, USA
$22,500,000
$592/SF
Building Size
38,000 SF
Asset Type
Development Site
Closing
Apr 13, 2020
About this deal
AI
A development site located at 251 Douglass Street in Gowanus, Brooklyn has been sold for a total price of $22,500,000. The property is situated in a prime location in the Gowanus neighborhood and offers a great opportunity for development. The site spans a total of 38,000 square feet and has a price per buildable square foot (PPBSF) of $608.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $22,500,000
- Address: 251 Douglass Street, Gowanus, Brooklyn
- Market: Gowanus, Brooklyn
The seller of the development site was Galinn Fund, represented by David Linn. The buyer of the property was Tavros Capital, with Nicholas Silvers and Charney Companies being involved in the transaction. The deal was facilitated by a team of brokers including Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford. They played a crucial role in ensuring the successful completion of the transaction.
Players
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
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93