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Fortress Investment Group Acquires Industrial Property In East Williamsburg For $25.5M
SOLD
$25,500,000
New York
See Similar DealsIndustrial
Sold 10/13/2023
SOLD
Fortress Investment Group Acquires Industrial Property In East Williamsburg For $25.5M
215 Moore Street
See Similar DealsIndustrial
Sold 10/13/2023
Summary
NEW YORK
Asset Type:Industrial
Transaction Type:Sale
The Bushwick hotel site at 215 Moore St., Brooklyn, located in East Williamsburg, has been sold in a foreclosure sale for $25.5 million. The industrial property was purchased by Pete Briger, representing Fortress Investment Group, from Jeffrey Miller.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $25,500,000
- Address: 215 Moore Street
- Market: East Williamsburg
Pete Briger, from Fortress Investment Group, served as the buyer in this transaction. On the other hand, Jeffrey Miller acted as the seller. The sale represents a significant deal in the East Williamsburg market.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,360,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$90,596.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$120,883.01
Annual Debt Service$1,450,596.11
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