Two Trees Management Company Acquires Industrial Asset In Gowanus, Brooklyn For $53M
SOLD
$53,000,000
+ 1
New York
See Similar DealsIndustrial392,073 SF
Sold 04/12/2018
SOLD
Two Trees Management Company Acquires Industrial Asset In Gowanus, Brooklyn For $53M
118-136 2nd Avenue, Gowanus, Brooklyn, NY, USA
See Similar DealsIndustrial392,073 SF
Sold 04/12/2018
+ 1
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$135
Total Square Footage:392,073 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,826,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$188,297.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$251,247.04
Annual Debt Service$3,014,964.47
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