Updated Oct 29, 2024
Ed Minskoff Acquires Development Site In Dumbo, Brooklyn For $61.5M
29 Jay St, Brooklyn, NY 11201, USA
$61,500,000
$324/SF
Building Size
189,372 SF
Asset Type
Development Site
Closing
Mar 22, 2020
About this deal
AI
The development site located at 29 Jay Street in Dumbo, Brooklyn has been sold for a total of $61,500,000. The property spans a total of 189,372 square feet, resulting in a price per square foot of $325. Situated in the vibrant neighborhood of Dumbo, this development site offers great potential for future projects.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $61,500,000
- Property Address: 29 Jay Street
- Market: Dumbo, Brooklyn
- Building Square Footage (BSF): 189,372
- Price per Square Foot (PPBSF): $325
Ed Minskoff of EJM Equities has acquired the development site from the Forman Family. The deal was facilitated by brokers Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton, Winfield Clifford, Jonathan Hageman, and Bob Knakal. The sale of this property not only provides an opportunity for future development but also demonstrates the continuous growth and investment in the Dumbo area.
On the Map
$61,500,000
$324/SF
Development Site
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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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93