facebook
Traded Co logo
Submit
Daily limit: 0/10

Carlyle Group Acquires Gowanus Development Site For $100M From Property Markets Group

Property Image
SOLD
$100,000,000

New York

See Similar Deals
Development Site
Sold 05/31/2023
the dealplayerscompscontact
Property Image
SOLD

Carlyle Group Acquires Gowanus Development Site For $100M From Property Markets Group

267 Bond St Brooklyn, NY 11217, USA

See Similar Deals
Development Site
Sold 05/31/2023
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

A development site in Gowanus has been sold for $100 million in a transaction between Property Markets Group, represented by Kevin Maloney, and the Carlyle Group, represented by Jason Hart. The site, located at 267 Bond Street and 498 Sackett Street, will be the future site of two mixed-use towers. The towers will consist of a total of 517 residential units and 52,000 square feet of commercial space. One tower will offer 344 residential units while the other will offer 173 units.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $100,000,000
  • Market: Gowanus
  • Address: 267 Bond Street & 498 Sackett Street

The Carlyle Group's acquisition of this Gowanus development site solidifies their position as one of Brooklyn's top landlords. This significant purchase marks a strategic move for the company, as they will have the opportunity to develop and manage two mixed-use towers in a prime location. With 517 residential units and 52,000 square feet of commercial space, the development will contribute to the growth and transformation of the Gowanus neighborhood.

Players

Jason Hart
7 deals$349.4M volume
BUYER

Details

SOLD
IMAGE: Kevin Maloney & Jason Hart DATE: 05/31/2023 ADDRESS: 267 Bond Street & 498 Sackett Street MARKET: Gowanus ASSET TYPE: Development Site BUYER: Carlyle Group (@OneCarlyle) - Jason Hart SELLER: Property Markets Group (@PMGDevelopment)- Kevin Maloney SALE PRICE: $100,000,000 NOTE: The Carlyle Group has taken a significant step towards becoming Brooklyn's top landlord by purchasing a Gowanus development site from Kevin Maloney's Property Markets Group for $100 million. The site will be home to two mixed-use towers, featuring a total of 517 residential units and 52,000 square feet of commercial space, with one tower offering 344 residential units and the other offering 173 units.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,333,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$355,278.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$474,051.02
Annual Debt Service$5,688,612.21