Updated Oct 22, 2025
Brodsky Family Acquires Development Site From Wolf Family In Brooklyn For $15M
38 44 State Street
$15,000,000
$1,458/SF
Building Size
10,284 SF
Asset Type
Development Site
Closing
Sep 26, 2025
About this deal
AI
The transaction involved a development site located at 38-44 State Street in Brooklyn, which was acquired for $15,000,000. The property encompasses a building square footage (BSF) of 30,522 and a saleable floor area (SF) of 10,284, with a price per building square foot (PPBSF) of $491 and a price per square foot (PPSF) of $1,458.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Address: 38-44 State Street
- Market: Brooklyn
- Buyer's Name: Brodsky Family
- Seller's Name: Wolf Family
- Buyer's Representative: Michael Zats - Brooklyn Heights Real Estate
This transaction was conducted off-market and highlights the ongoing opportunities in prime Brooklyn Heights. Michael Zats, the buyer's representative, indicates future potential for buyers and sellers in the development site market.
On the Map
$15,000,000
$1,458/SF
Development Site
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Players
Brooklyn 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
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93