Updated Dec 21, 2023
TerraCRG Acquires Development Site In Williamsburg For $42.5M
81 Powers St, Brooklyn, NY 11211, USA
Building Size
5,000 SF
Asset Type
Development Site
Closing
Jul 9, 2018
About this deal
AI
The development site located at 575 Grand St. in Williamsburg was recently sold for a total of $42,500,000. The transaction took place on 03/22/2022, and the sale was facilitated by brokers Daniel Lebor and Dan Marks from TerraCRG. The asset features a building square footage (BSF) of 110,000, resulting in a price per building square footage (PPBSF) of $386.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $42,500,000
- Address: 575 Grand St.
- Market: Williamsburg
The deal was successfully concluded with the assistance of Daniel Lebor and Dan Marks from TerraCRG serving as brokers. They played a key role in representing the parties involved in the transaction and ensuring its smooth execution.
Players
New York 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93