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Jacob Kohn Of Jay Group Acquires 97 West Street Development Site In Greenpoint For $130M
SOLD
New York
See Similar DealsDevelopment Site
Sold 12/01/2025
SOLD
Jacob Kohn Of Jay Group Acquires 97 West Street Development Site In Greenpoint For $130M
97 West Street
See Similar DealsDevelopment Site
Sold 12/01/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
The property asset involved in this transaction is a development site located at 97 West Street in Greenpoint, Brooklyn. The sale price for this asset is $130,000,000. It is part of a waterfront project where a construction loan of $320,000,000 was secured to build a 590-unit rental project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $130,000,000
- Buyer: Jacob Kohn - Jay Group
- Seller: Jack Guttman - Pearl Realty Management
- Broker: Henry Bodek - Galaxy Capital
This transaction highlights the involvement of Jacob Kohn as the buyer, representing Jay Group. Jack Guttman was the seller, associated with Pearl Realty Management. The deal was brokered by Henry Bodek from Galaxy Capital, facilitating the acquisition of the development site.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,933,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$461,862.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$616,266.32
Annual Debt Service$7,395,195.87
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