Updated Mar 11, 2025
CW Realty Acquires Development Site In Dumbo, Brooklyn For $19.85M
251 Front St, Brooklyn, NY 11201, USA
$19,850,000
$49/SF
Building Size
400,000 SF
Asset Type
Development Site
Closing
Jun 18, 2020
About this deal
AI
The development site located at 251 Front Street in Dumbo, Brooklyn has been sold for a price of $19,850,000. The property spans 40,000 square feet in terms of buildable square footage (BSF) and has a price per buildable square foot (PPBSF) of $496. This transaction marks the transfer of ownership from the seller, 251 Front Street Realty Inc. represented by Paul Tocci, to the buyer, CW Realty represented by Cheskie Weisz.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $19,850,000
- Buildable Square Footage: 40,000
- Price per Buildable Square Foot: $496
- Address: 251 Front Street, Dumbo, Brooklyn
The deal was facilitated by brokers Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford. These individuals played key roles in representing the seller and buyer throughout the transaction process.
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
0.80%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93