Updated Mar 3, 2026
Sunlight Development Acquires Development Site From Madison Realty Capital For $29.5M In Cobble Hill
350 Hicks Street
$29,500,000
$492/SF
Building Size
59,938 SF
Asset Type
Development Site
Closing
Feb 17, 2026
About this deal
AI
The development site located at 350 Hicks Street, Cobble Hill, has a sale price of $29,500,000. This asset encompasses a total area of 59,938 square feet, resulting in a price per square foot of $492.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $29,500,000
- Buyer: Sunlight Development
- Seller: Madison Realty Capital
- Brokers: Adam Spies, Loren Valla, Daniel O'Brien, Caroline Hodes, Adam Doneger & Henry Hill - Newmark
- Sale Date: 2/18/2026
The transaction involved key representatives from Newmark, with Adam Spies, Loren Valla, Daniel O'Brien, Caroline Hodes, Adam Doneger, and Henry Hill facilitating the deal on behalf of the seller, Madison Realty Capital.
On the Map
$29,500,000
$492/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93