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Henry Elghanayan Of Rockrose Development Acquires Development Site In Cobble Hill For $100M
SOLD
$100,000,000
New York
See Similar DealsDevelopment Site
Sold 02/13/2026
SOLD
Henry Elghanayan Of Rockrose Development Acquires Development Site In Cobble Hill For $100M
340 Henry Street
See Similar DealsDevelopment Site
Sold 02/13/2026
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
The transaction involved a development site located at 340 Henry Street in Cobble Hill, Brooklyn. The property was sold for $100,000,000, encompassing a total of 258,000 square feet, resulting in a price per square foot of $388.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $100,000,000
- Buyer: Henry Elghanayan - Rockrose Development
- Seller: SUNY Downstate Health Sciences University
- Building Square Footage: 258,000
- Price per Building Square Foot: $388
Rockrose Development, through 97 Amity L.L.C., acquired the property from SUNY Downstate Health Sciences University, through Downstate At LICH Holding Company, Inc.
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Deal Type
30 years
10 years
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
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