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688-702 Court Street, Brook...

Updated Dec 4, 2024

Madison Capital Acquires Red Hook Industrial Property For $45M From Jack Guttman
SOLDIndustrial

Madison Capital Acquires Red Hook Industrial Property For $45M From Jack Guttman

688-702 Court Street, Brooklyn, NY, USA

$45,000,000

$692/SF

Building Size

65,015 SF

Asset Type

Industrial

Closing

Jun 8, 2021

About this deal

AI

The industrial property located at 688-702 Court Street in Red Hook has been sold for a price of $45,000,000. This transaction took place on 06/09/2021. The property spans a total square footage of 65,015 and was sold at a price per square foot of $692. The building has a total building square footage of 315,360, resulting in a price per building square foot of $142. The previous sale of this property occurred on 8/2013 for a price of $10,200,000.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $45,000,000
  • Buyer: Madison Capital
  • Seller: Jack Guttman
  • Property Address: 688-702 Court Street
  • Market: Red Hook

The buyer in this transaction is Madison Capital, while the seller is Jack Guttman. Richard Wagman and Jack Guttman shared an image of the property on Instagram. No additional information is available regarding the deal participants or any financing arrangements.

On the Map

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$45,000,000

$692/SF

Industrial

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Players

Madison

Sunrise Associates

Buyer

$206.6M

vol

6 deals

Buyer

Jack Guttman

Pearl Realty Management

Seller

$659.9M

vol

18 deals

Seller
Bilt advertisement

Brooklyn Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Deal FAQ

About $692 per square foot on a published $45M for 65,015 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.35%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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