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688 Court Street, Red Hook,...

Updated Dec 4, 2024

Madison Capital Acquires Industrial Property On Court St. In Red Hook For $45M
SOLDIndustrial

Madison Capital Acquires Industrial Property On Court St. In Red Hook For $45M

688 Court Street, Red Hook, Brooklyn, NY, USA

$45,000,000

$281/SF

Building Size

160,000 SF

Asset Type

Industrial

Closing

May 27, 2020

About this deal

AI

Located in the Red Hook market, the industrial property at 688 Court St. was recently sold in a closed transaction on May 27, 2021. The property spans 160,000 square feet and boasts a price per square foot of $281.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $45,000,000
  • Address: 688 Court St.
  • Market: Red Hook

Madison Capital, represented by Richard Wegman, emerged as the buyer in this deal, while Jack Guttman served as the seller. The transaction was facilitated by David Junik of Pinnacle Realty. The property was listed with an asking price of $50,000,000 before ultimately selling at $45,000,000.

Pinnacle Realty, known for its expertise in off-market industrial transactions, including sales, rentals, and landlord and tenant representation, handled the negotiations for this deal. For additional information about this transaction, you can get in touch with David Junik by phone at 718-784-8282 or via email at [email protected].

Players

David Junik

Pinnacle Realty of New York

Broker

$670.2M

vol

24 deals

Broker

Jack Guttman

Pearl Realty Management

Seller

$659.9M

vol

18 deals

Seller

New York Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Deal FAQ

About $281 per square foot on a published $45M for 160,000 square feet (2020).

Visit David Junik to view all their deals.

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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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