facebook
Traded Co logo
Submit

Mike Sherry Purchases Development Site From Russ Fedele In Brooklyn For $8.75M

Property Image
SOLD
$8,750,000

New York

See Similar Deals
Development Site6,316 SF
Sold 05/08/2025
the dealplayerscompscontact
Property Image
SOLD

Mike Sherry Purchases Development Site From Russ Fedele In Brooklyn For $8.75M

Osborn Street

See Similar Deals
Development Site6,316 SF
Sold 05/08/2025
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,385
Total Square Footage:6,316 SF
Transaction Type:Sale

A development site located on Osborn Street in Brooklyn has been sold for $8,750,000. The asset encompasses a total built square footage of 105,150, translating to a price per built square foot of $83. The site also features a total square footage of 6,316, with a price per square foot of $1,385.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $8,750,000
  • Buyer: Mike Sherry
  • Seller: Russ Fedele
  • Broker: Nathan Horne - Compass
  • BSF: 105,150
  • PPBSF: $83
  • SF: 6,316
  • PPSF: $1,385

Nathan Horne of Compass represented the broker in the transaction, guiding the deal through a unique three-step process that involved addressing complications with HPD regarding the property's appraised value. Horne coordinated meetings with HPD officials and collaborated with Charles Alwakeel to devise a solution that facilitated the funding for the sale.

Players

Nathan Horne
Compass
Nathan Horne
27 deals$211.7M volume(706) 255-5657
BROKER

Details

SOLD
IMAGE: Nathan Horne DATE: 5/8/2025 ADDRESS: Osborn Street MARKET: Brooklyn ASSET TYPE: Development Site BUYER: Mike Sherry SELLER: Russ Fedele BROKER: Nathan Horne (@Horne.Team) - Compass (@Compass) SALE PRICE: $8,750,000 BSF: 105,150 ~ PPBSF: $83 SF: 6,316 ~ PPSF: $1,385 NOTE FROM BROKER: Congrats to everyone involved on the closing of the Osborn-Watkins Dev Assemblage! This was one of the more unique and complicated transactions and we're very proud of three-step process that manifested the result: 1. Identity the Problem -- We were the third broker on this deal and there was a significant issue as HPD would not recognize the post-ULURP appraised value which dramatically reduced the number of buyers as this would most likely be a 4% tax credit transaction considering the area and scale. 2. Develop Potential Solutions -- We set up a meeting with the HPD Commissioner and team who explained their limitations, but, with the help of the brilliant Charles Alwakeel of @redfluxarchitecture who orchestrated the original ULURP, we got them to agree that if we had a state-based housing program they would not stand in the way. 3. Implementation the Solution -- We then worked with a reputable affordable/supportive housing developer who could use a combination of (state-based) HCR and OMH bonds to successfully fund the transaction. Sorry if this sounds like a different language, but if you're interested in creative transactions like this, or other off-market dev sites, then feel free to give me a call at 706-255-5657 or email [email protected]. We have about $50M worth of dev sites either in contract or already closed this year and would be happy to show you how the various changes in City of Yes/485X/467M could benefit your site or purchase.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$466,666.68

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$31,086.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$41,479.46
Annual Debt Service$497,753.57