Updated Apr 9, 2026
Anthony Morena Of Mortar Group Acquires Development Site In Williamsburg For $2.3M
470 Humboldt Street
$2,300,000
$920/SF
Building Size
2,500 SF
Asset Type
Development Site
Closing
Mar 31, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 470 Humboldt Street in Williamsburg, Brooklyn. The sale price for this property was $2,300,000, which translates to a building square footage (BSF) of 5,000 and a price per building square foot (PPBSF) of $460. Additionally, the site has a total square footage (SF) of 2,500 with a price per square foot (PPSF) of $920.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,300,000
- Address: 470 Humboldt Street
- Market: Williamsburg, Brooklyn
- Building Square Footage (BSF): 5,000
- Price per Building Square Foot (PPBSF): $460
- Total Square Footage (SF): 2,500
- Price per Square Foot (PPSF): $920
- Buyer: Anthony Morena - Mortar Group
- Seller: Babino Family
- Brokers: Derek Bestreich, Luke Sproviero, Donal Flaherty, Corey Haynes, Thomas Ventura & Sal Monteverde - Investment Property Realty Group (IPRG)
Key individuals involved in the transaction include the buyer Anthony Morena representing Mortar Group and the seller, the Babino Family. The deal was brokered by a team from Investment Property Realty Group (IPRG), which consisted of Derek Bestreich, Luke Sproviero, Donal Flaherty, Corey Haynes, Thomas Ventura, and Sal Monteverde.
On the Map
$2,300,000
$920/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
6.90%
Cash-on-Cash
-1.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93