Sunlight Development Acquires Development Site From Madison Realty Capital For $29.5M In Cobble Hill
SOLD
$29,500,000
+ 3
New York
See Similar DealsDevelopment Site59,938 SF
Sold
SOLD
Sunlight Development Acquires Development Site From Madison Realty Capital For $29.5M In Cobble Hill
350 Hicks Street
See Similar DealsDevelopment Site59,938 SF
Sold
+ 3
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$492
Total Square Footage:59938 SF
Transaction Type:Sale
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.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,573,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$104,807.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$139,845.05
Annual Debt Service$1,678,140.60
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