Updated Sep 24, 2026
60 North 1st Street
60 North 1st Street
$15,600,000
$1,587/SF
Building Size
9,830 SF
Asset Type
Development Site
Closing
Sep 9, 2026
About this deal
AI
This development site located at 60 North 1st Street in the Williamsburg neighborhood of Brooklyn was sold for $15,600,000. The property encompasses 29,490 zoning square feet and has a price per zoning square foot of $529. The total square footage is 9,830.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,600,000
- Buyer: David Halberstam - Bruklyn Builders
- Brokers: Daniel Lebor - TerraCRG & Andrew Manasia
- Lender: Shawn Safdie - S3 Capital
- Zoning Square Feet: 29,490
- Price per Zoning Square Foot: $529
- Total Square Feet: 9,830
The intended development will yield 56 rental apartments with ground floor retail space and 12 parking spaces across 9-stories. This project includes a coworking lounge, fitness center, and spa, meeting current renter expectations for lifestyle-oriented amenities. The transaction was financed with a $13.3M acquisition loan at 85% LTV by S3 Capital.
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
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93