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Guy Iber Acquires Development Site At 68-72 Freeman Street In Brooklyn For $7.2M

Property Image
SOLD
$7,200,000
Thomas Brennan
Jakub Nowak

New York

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Development Site7,500 SF
Sold
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Property Image
SOLD

Guy Iber Acquires Development Site At 68-72 Freeman Street In Brooklyn For $7.2M

68-70 Freeman Street

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Development Site7,500 SF
Sold
Thomas Brennan
Jakub Nowak
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$960
Total Square Footage:7,500 SF
Transaction Type:Sale

The transaction involves a development site located at 68-72 Freeman Street in Brooklyn, which was sold for a total price of $7,200,000. The building features a total square footage of 7,500 and a building square footage of 15,000, resulting in a price per square foot of $960 and a price per building square foot of $480.

Summary of transaction details:

The deal was facilitated by brokers Jakub Nowak and Thomas Brennan from Marcus & Millichap, with notable contributions from Richard Kralstein, the seller, who praised Jakub for his persistence, honesty, and negotiation skills throughout the challenging process.

Players

Jakub Nowak
Marcus & Millichap
Jakub Nowak
87 deals$471.9M volume
BROKER
Thomas Brennan
Marcus & Millichap
Thomas Brennan
13 deals$75.7M volume
BROKER

Details

SOLD
IMAGE: Jakub Nowak & Thomas Brennan DATE: 4/15/2026 ADDRESS: 68-72 Freeman Street MARKET: Brooklyn ASSET TYPE: Development Site BUYER: Guy Iber SELLER: Richard Kralstein BROKERS: Jakub Nowak (@Jakub_H_Nowak) (@The_Nowak_Group) & Thomas Brennan - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $7,200,000 BSF: 15,000 ~ PPBSF: $480 SF: 7,500 ~ PPSF: $960 NOTE FROM BROKER: Client Testimonial: "Jakub was pleasantly persistent, consistently honest, and worked tirelessly on the sale of my property. The deal was challenging to put together at times, but he helped me through it with steady hands and strong negotiation. In the end, he secured a price that exceeded my expectations and one I'm not sure could be replicated again." - Richard Kralstein To learn more or to discuss your NYC property or portfolio, please call Jakub Nowak (718) 475-4353 or Tom Brennan (718) 475 4326

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$384,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$25,580.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,131.67
Annual Debt Service$409,580.08