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221 Glenmore Ave Brooklyn, ...

Rick Gropper Acquires Industrial Property In East New York, Brooklyn For $9.5M
SOLDIndustrial

Rick Gropper Acquires Industrial Property In East New York, Brooklyn For $9.5M

221 Glenmore Ave Brooklyn, NY 11207, USA

$9,500,000

$216/SF

Building Size

43,830 SF

Asset Type

Industrial

Closing

Jul 26, 2023

AI

A brownfield site with major environmental contamination was successfully sold in East New York, Brooklyn. The property, located at 221-241 Glenmore Avenue and 97-99 Snediker Avenue, was purchased for $9,500,000. The industrial asset spans a total of 43,830 square feet, resulting in a price per square foot of $217.

Summary of transation details

  • Property Type: Industrial
  • Transaction Amount: $9,500,000
  • Address: 221-241 Glenmore Avenue & 97-99 Snediker Avenue
  • Market: East New York, Brooklyn
  • Square Footage: 43,830
  • Price per Square Foot: $217

Rick Gropper was the buyer of the brownfield site, while Michael Bellovin acted as the seller. The transaction was facilitated by Jakub Nowak and Thomas Brennan, representatives from Marcus & Millichap. The brokers played a crucial role in negotiating the sale of the contaminated property, which would have otherwise been considered unsellable due to environmental concerns.

Despite the significant environmental contamination, Rick Gropper, the buyer, was willing and financially capable of handling the remediation costs, which exceeded $2 million. The negotiation process proceeded without the need for significant contract renegotiation, allowing the buyer to proceed with their plans for the site.

To learn more about the challenges involved in the sale of commercial properties or to consult with experts experienced in navigating similar transactions, interested parties may contact Jakub Nowak at 718-475-4353 or Thomas Brennan at 718-475-4326.

Players

Jakub Nowak

Marcus & Millichap

Broker

$486.7M

vol

89 deals

Broker
Rick Gropper

Rick Gropper

Camber Property Group

Buyer

$716.7M

vol

16 deals

Buyer

Market 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

1.67%

Cash-on-Cash

-0.48%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93