Updated Oct 29, 2024
Avery Hall Investments Acquires Development Site In Gowanus/BK For $44.1M
469 President St, Brooklyn, NY 11215, USA
$44,100,000
$450/SF
Building Size
97,910 SF
Asset Type
Development Site
Closing
Sep 4, 2019
About this deal
AI
A development site located at 469 President Street in Gowanus/BK has been sold for a sale price of $44,100,000. The property, which covers a total of 97,910 square feet, was initially listed for an asking price of $43,000,000. The sale price resulted in a price per buildable square foot (PPBSF) of $450.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $44,100,000
- Address: 469 President Street
- Market: Gowanus/BK
- Asking Price: $43,000,000
- BSF: 97,910
- PPBSF: $450
The buyer of the property was Avery Hall Investments, represented by Francois Barthelemy. The seller was Cynthia Schlegel. The transaction was facilitated by brokers Brendan Maddigan, Winfield Clifford, Ethan Stanton, Stephen Palmese, and Michael Mazzara from JLL.
On the Map
$44,100,000
$450/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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93