Acquires Development Site In Crown Heights For $40 Million With Brokers Daniel O'Brien & Caroline Hodes
73 Empire Boulevard
$40,000,000
$145/SF
Building Size
274,450 SF
Asset Type
Development Site
Closing
Aug 17, 2025
AI
The asset involved in this transaction is a development site located at 73 Empire Boulevard, situated in the Crown Heights market. The sale was completed for a total of $40,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $40,000,000
- Buyer:
- Brokers: Daniel O'Brien & Caroline Hodes - Newmark
- Transaction Date: 8/18/2025
This transaction involved key representatives in the brokerage realm, specifically Daniel O'Brien and Caroline Hodes acting on behalf of Newmark, who facilitated the deal for the buyer, .
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93