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Avery Hall Investments Acquires Development Site In Gowanus/BK For $44.1M

Property Image
SOLD
$44,100,000
Ethan Stanton
Brendan Maddigan
Winfield Clifford
+ 4

New York

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Development Site97,910 SF
Sold 09/04/2019
the dealplayerscompscontact
Property Image
SOLD

Avery Hall Investments Acquires Development Site In Gowanus/BK For $44.1M

469 President St, Brooklyn, NY 11215, USA

See Similar Deals
Development Site97,910 SF
Sold 09/04/2019
Ethan Stanton
Brendan Maddigan
Winfield Clifford
+ 4
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$450
Total Square Footage:97,910 SF
Transaction Type:Sale

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.

Players

Brendan Maddigan
JLL
Brendan Maddigan
125 deals$4.7B volume(508) 733-8445
BROKER
Ethan Stanton
JLL
Ethan Stanton
133 deals$6.1B volume(516) 790-7718
BROKER
Winfield Clifford
JLL
Winfield Clifford
75 deals$2.6B volume(212) 376-5443
BROKER
Michael Mazzara
JLL
Michael Mazzara
111 deals$3.9B volume(212) 376-5450
BROKER
Stephen Palmese
JLL
Stephen Palmese
84 deals$3.3B volume(212) 376-1228
BROKER
FB
Francois Barthelemy
2 deals$54.6M volume
BUYER
CS
Cynthia Schlegel
3 deals$85M volume
SELLER

Details

SOLD
IMAGE: Brendan Maddigan, Winfield Clifford, Ethan Stanton, Stephen Palmese, Michael Mazzara DATE: 09/05/2019 ADDRESS: 469 President Street MARKET: Gowanus/BK ASSET TYPE: Development Site SELLER: Cynthia Schlegel BUYER: Avery Hall Investments – Francois Barthelemy BROKERS: Brendan Maddigan, Winfield Clifford, Ethan Stanton, Stephen Palmese, Michael Mazzara @JLL […] ASKING PRICE: $43,000,000 SALE PRICE: $44,100,000 BSF: 97,910 PPBSF: $450

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,352,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$156,677.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$209,056.50
Annual Debt Service$2,508,677.99