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118-136 2nd Avenue, Gowanus...

Two Trees Management Company Acquires Industrial Asset In Gowanus, Brooklyn For $53M
SOLDIndustrial

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

Daniel Lebor

Terra CRG

Broker

$1B

vol

53 deals

Broker
Two Trees Management
Two Trees ManagementBrokerage

David LaRue

Forest City Ratner Companies

Seller

$53M

vol

2 deals

Seller

New York Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

Loading comparables…

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