Brookfield Properties Acquires Industrial Property In Red Hook With Tenant Amazon Fresh
SOLD
$45,000,000
New York
See Similar DealsIndustrial88,000 SF
Sold 11/26/2021
SOLD
Brookfield Properties Acquires Industrial Property In Red Hook With Tenant Amazon Fresh
55 Bay Street, Red Hook, Brooklyn, NY, USA
See Similar DealsIndustrial88,000 SF
Sold 11/26/2021
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$511
Total Square Footage:88,000 SF
Transaction Type:Sale
Brookfield Properties has acquired a industrial property located at 55 Bay Street in Red Hook. The property, with a total square footage of 88,000, was sold by DH Property Holdings for a price of $45,000,000. With a price per square foot of $511, this sale demonstrates the value of the asset in the market.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $45,000,000
- Tenant: AmazonFresh
- Date: 11/2021
- Buyer: Brookfield Properties
- Seller: DH Property Holdings
- Brokers: Rob Kossar, Leslie Lanne & Jeremy Liebler LL
The acquisition was finalized in November 2021, involving key individuals such as Dov Hertz, Jeff Bezos, Bruce Flatt, and Brian Kingston. Rob Kossar, Leslie Lanne, and Jeremy Liebler LL represented the buyer, Brookfield Properties, in this transaction. This purchase further strengthens Brookfield Properties' portfolio in the industrial market.
Players
BROKERAGE
SELLER
LENDER
TENANT
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50
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