JLL Closes $80M Land Recapitalization And Equity Capitalization In Gowanus, Brooklyn
499 President St Brooklyn, NY 11215, USA
$80,000,000
$248/SF
Building Size
321,364 SF
Asset Type
Mixed-use
Closing
Apr 28, 2023
About this deal
AI
On April 28, 2023, a significant transaction took place in Gowanus, Brooklyn. The property involved in this deal is a mixed-use asset located at 499 President Street. It spans 321,364 square feet and comprises 350 units. The transaction, which was a recapitalization, amounted to $80,000,000.
Summary of Transaction Details:
- Property Type: Mixed-Use
- Transaction Amount: $80,000,000
- Address: 499 President Street
- Market: Gowanus, Brooklyn
- Square Footage: 321,364
- Units: 350
Leading the transaction were The Brodsky Organization, Avery Hall Investment, and Battery Global Advisors who served as investors in this recapitalization deal. The brokers representing the transaction were Christopher Peck, Nicco Lupo, and Jonathan Faxon from JLL. Their expertise and efforts played a crucial role in closing this land recapitalization and vertical equity capitalization for the mixed-use development in Brooklyn.
Note: JLL successfully facilitated the $80 million recapitalization and vertical equity capitalization for this mixed-use development in Brooklyn.
On the Map
$80,000,000
$248/SF
Mixed-use
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Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93