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Brodsky Organization Acquires Development Site In Gowanus, Brooklyn For $84.1M

Property Image
SOLD
$84,133,112
Daniel Brodsky
BE

New York

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Development Site
Sold 04/28/2023
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Property Image
SOLD

Brodsky Organization Acquires Development Site In Gowanus, Brooklyn For $84.1M

499 President St Brooklyn, NY 11215, USA

See Similar Deals
Development Site
Sold 04/28/2023
Daniel Brodsky
BE
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

The Brodsky Organization has acquired a development site in Gowanus, Brooklyn from Avery Hall Investments for a total transaction price of $84,133,112. The site, located at 499 President Street, is set to be developed into a 322,000-square-foot building with 350 residential units. Despite the sale, Avery Hall Investments will retain ownership in the project.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $84,133,112
  • Address: 499 President Street
  • Market: Gowanus, Brooklyn

The Brodsky Organization, led by Daniel Brodsky, acted as the buyer in this deal, while Avery Hall Investments, represented by Brian Ezra, served as the seller. Additionally, M&T Bank provided a substantial $155 million construction and acquisition loan for the development of the site.

Players

Daniel Brodsky
Daniel Brodsky
5 deals$318.1M volume
BUYER
BE
Brian Ezra
4 deals$185.8M volume
SELLER

Details

SOLD
IMAGE: Daniel Brodsky & Brian Ezra DATE: 04/28/2023 ADDRESS: 499 President Street MARKET: Gowanus, Brooklyn ASSET TYPE: Development Site BUYER: Brodsky Organization (@BrodskyOrg) - Daniel Brodsky SELLER: Avery Hall Investments (@AveryHallInvestments) - Brian Ezra SALE PRICE: $84,133,112 NOTE: The Brodsky Organization has acquired a development site in Gowanus, Brooklyn from Avery Hall Investments for $80.3 million. The site at 499 President Street is slated for a 322,000-square-foot building with 350 residential units, while Avery Hall will retain ownership in the project. Additionally, M&T Bank provided a $155 million construction and acquisition loan for the development.

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

$4,487,099.30

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$298,907.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$398,833.87
Annual Debt Service$4,786,006.48