Gowanus Cubes Acquires Entertainment Venue & Development Site In Brooklyn From The Halkias Family For $22.5M
SOLD
$22,500,000
New York
See Similar DealsDevelopment Site
Sold 06/24/2020
SOLD
Gowanus Cubes Acquires Entertainment Venue & Development Site In Brooklyn From The Halkias Family For $22.5M
263 Prospect Ave, Brooklyn, NY, USA
See Similar DealsDevelopment Site
Sold 06/24/2020
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
The entertainment venue and development site located at 263 Prospect Ave., 275 Prospect Ave., 198 16th St., and 188 16th St. in Brooklyn has been sold for a total price of $22,500,000. The transaction took place on June 24, 2021. The property was purchased by Gowanus Cubes, represented by Angelo Rigas. The seller of the property is The Halkias Family.
Summary of transaction details:
- Property Type: Entertainment Venue & Development Site
- Transaction Amount: $22,500,000
- Buyer: Gowanus Cubes - Angelo Rigas
- Seller: The Halkias Family
- Address: 263 Prospect Ave., 275 Prospect Ave., 198 16th St., 188 16th St.
- Market: Brooklyn
The purchase of this property is a significant deal for Gowanus Cubes, led by Angelo Rigas. This acquisition provides them with a valuable entertainment venue and development opportunity in the Brooklyn market. The Halkias Family, as the seller, has completed a successful transaction, allowing them to move on from this asset.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,200,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$79,937.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$106,661.48
Annual Debt Service$1,279,937.75
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