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H&R REIT Acquires Industrial Asset In Gowanus, Brooklyn For $76.5M
SOLD
$76,500,000
New York
See Similar DealsIndustrial166,000 SF
Sold 03/11/2024
SOLD
H&R REIT Acquires Industrial Asset In Gowanus, Brooklyn For $76.5M
459 Smith Street
See Similar DealsIndustrial166,000 SF
Sold 03/11/2024
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$460
Total Square Footage:166,000 SF
Transaction Type:Sale
The industrial asset located at 459 Smith Street in Gowanus, Brooklyn, spanning 166,000 square feet, was sold for $76.5 million. The seller, Kevin Maloney from Property Markets Group, successfully closed the transaction.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $76,500,000
- Address: 459 Smith Street
- Market: Gowanus, Brooklyn
- Seller: Kevin Maloney - Property Markets Group
Canadian developer H&R REIT acquired the industrial asset, showcasing a growing interest in the Gowanus Canal area. The purchase signifies a strategic investment move in the evolving Brooklyn real estate market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,080,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$271,788.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$362,649.03
Annual Debt Service$4,351,788.34
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