Two Trees Management Company Acquires Industrial Asset In Gowanus, Brooklyn For $53M
118-136 2nd Avenue, Gowanus, Brooklyn, NY, USA
$53,000,000
$135/SF
Building Size
392,073 SF
Asset Type
Industrial
Closing
Apr 11, 2018
AI
The sale of a 392,073 square foot industrial property in Gowanus, Brooklyn, has been completed. The property, located at 118-136 2nd Avenue, 73 12th Street, and 1 11th Street in New York, was sold for a total price of $53,000,000. The buyer, Two Trees Management Company, was represented by Jed Walentas, while the seller, Forest City Ratner Companies, was represented by David Larue.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $53,000,000
- Address: 118-136 2nd Avenue, 73 12th Street, and 1 11th Street, New York
- Market: Gowanus, Brooklyn
TerraCRG, represented by Ofer Cohen, Dan Marks, and Daniel Lebor, acted as the broker for the sale. The price per square foot of the property was $135. The transaction took place on April 12, 2018.
Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93