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73 Empire Boulevard, Brookl...

Dennis Glass Sells Brooklyn Development Site For $15.2M
SOLDDevelopment Site

Dennis Glass Sells Brooklyn Development Site For $15.2M

73 Empire Boulevard, Brooklyn, NY 11225

$15,195,258

$214/SF

Building Size

70,774 SF

Asset Type

Development Site

Closing

Apr 11, 2021

AI

An undeveloped site located at 73-99 Empire Blvd. in Brooklyn has been sold for a transaction price of $15,195,258. The property is a development site with a building square footage (BSF) of 70,774, equating to a price per building square footage (PPBSF) of $214. The sale took place on April 12, 2021.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $15,195,258
  • Address: 73-99 Empire Blvd., Brooklyn
  • Market: Brooklyn
  • BSF: 70,774
  • PPBSF: $214

The seller of the property was Dennis Glass, with representation from Jakub Nowak from The Nowak Group, Jason Grunberg, John Brennan from The Brennan Team of MM, and Samuel Finkler from MarcusMillichap NY.

Players

Jason Grunberg

SAB Capital

Broker

$139.1M

vol

29 deals

Broker
TrueRate Services
TrueRate ServicesBrokerage

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

1.04%

Cash-on-Cash

-0.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93