Updated May 12, 2025
Galaxy Developers Acquires Development Site In Williamsburg, Brooklyn For $5M
66 Gerry Street, Brooklyn, New York 11206, United States
$5,000,000
$125,000/SF
Building Size
40 SF
Asset Type
Development Site
Closing
Mar 1, 2023
About this deal
AI
The asset involved in this transaction is a development site located at 66 Gerry Street in Williamsburg, Brooklyn. The sale was completed on 01/03/2023 for a price of $5,000,000, with the total square footage of the property being 40,000, yielding a price per square foot of $125.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $5,000,000
- Address: 66 Gerry Street
- Market: Williamsburg, Brooklyn
- Square Footage: 40,000
- Price per Square Foot: $125
- Buyer: Galaxy Developers - Rafael Rabinowitz & Rabsky Group - Isaac Rabinowitz
- Seller: Abraham Brach
The key individuals involved in the transaction include Rafael Rabinowitz of Galaxy Developers and Isaac Rabinowitz of Rabsky Group representing the buyer. The seller of the property is Abraham Brach, completing this significant transaction in the development market.
On the Map
$5,000,000
$125,000/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
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93