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Naftali Group Acquires Development Site In Williamsburg, Brooklyn For $102M

Property Image
SOLD
$102,000,000
Ethan Stanton
Brendan Maddigan
+ 4

New York

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Development Site472,500 SF
Sold 05/27/2020
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Property Image
SOLD

Naftali Group Acquires Development Site In Williamsburg, Brooklyn For $102M

470 Kent Ave, Brooklyn, NY 11249, USA

See Similar Deals
Development Site472,500 SF
Sold 05/27/2020
Ethan Stanton
Brendan Maddigan
+ 4
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$215
Total Square Footage:472,500 SF
Transaction Type:Sale

A development site located at 470 Kent Avenue in Williamsburg, Brooklyn has been sold for a price of $102,000,000. The property spans a total of 472,500 square feet and has a price per square foot of $216. The transaction involved the sale of the property from The Rosenberg Family to the Naftali Group.

Summary of transation details:

The deal was facilitated by a team of brokers including Brendan Maddigan, Robert Burton, Ethan Stanton, Stephen Palmese, Michael Mazzara, Winfield Clifford, and David Hochfelder.

Players

Brendan Maddigan
125 deals$4.7B volume(508) 733-8445
BROKER

Ethan Stanton
JLL
133 deals$6.1B volume(516) 790-7718
BROKER

Robert Burton
Cushman & Wakefield
34 deals$615.4M volume
BROKER

Winfield Clifford
JLL
75 deals$2.6B volume(212) 376-5443
BROKER

Michael Mazzara
JLL
111 deals$3.9B volume(212) 376-5450
BROKER

Stephen Palmese
JLL
84 deals$3.3B volume(212) 376-1228
BROKER


Naftali Group
BUYER

Details

SOLD
IMAGE: @BrendanMaddigan , Robert Burton, Ethan Stanton, @StephenPalmese , @MikiNaftali , Michael Mazzara, Winfield Clifford, David Hochfelder DATE: 05/27/2020 ADDRESS: 470 Kent Avenue MARKET: Williamsburg, Brooklyn ASSET TYPE: Development Site SALE PRICE: $102,000,000 BSF: 472,500 PPBSF: $216 SELLER: The Rosenberg Family BUYER: @Naftali_Group BROKERS: Brendan Maddigan, Robert Burton, Ethan Stanton, Stephen Palmese, Michael Mazzara, Winfield […]

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

$5,440,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$362,384.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$483,532.04
Annual Debt Service$5,802,384.46