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The Mann Group Acquires Mixed-Use Property On Wythe Avenue In Williamsburg For $8.5M

Property Image
SOLD
$8,500,000
Brendan Maddigan
Winfield Clifford
+ 3

New York

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Mixed-use8,494 SF
Sold 07/29/2019
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Property Image
SOLD

The Mann Group Acquires Mixed-Use Property On Wythe Avenue In Williamsburg For $8.5M

157 Wythe Ave, Brooklyn, NY 11249, USA

See Similar Deals
Mixed-use8,494 SF
Sold 07/29/2019
Brendan Maddigan
Winfield Clifford
+ 3
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,000
Total Square Footage:8,494 SF
Transaction Type:Sale

The mixed-use property located at 157-159 Wythe Avenue in Williamsburg/BK was recently sold for a total price of $8,500,000. Spanning across 8,494 square feet, the property was purchased at an average price of $1,000 per square foot.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $8,500,000
  • Square Footage: 8,494
  • Price per Square Foot: $1,000
  • Address: 157-159 Wythe Avenue
  • Market: Williamsburg/BK

The seller, The Brooklyn Standard, represented by David Manheimer and Benjamin Koh, finalized the deal with the buyer, The Mann Group. The transaction was facilitated by Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara, and Winfield Clifford, who represented the seller in the negotiation process.

Players

Brendan Maddigan
125 deals$4.7B volume(508) 733-8445
BROKER

Ethan Stanton
JLL
133 deals$6.1B volume(516) 790-7718
BROKER

Winfield Clifford
JLL
75 deals$2.6B volume(212) 376-5443
BROKER

Michael Mazzara
JLL
111 deals$3.9B volume(212) 376-5450
BROKER

Stephen Palmese
JLL
84 deals$3.3B volume(212) 376-1228
BROKER

The Corcoran Group
BROKERAGE


Details

SOLD
IMAGE: Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara, Winfield Clifford DATE: 07/29/2019 ADDRESS: 157-159 Wythe Avenue MARKET: Williamsburg/BK ASSET TYPE: Mixed-use SALE PRICE: $8,500,000 SF: 8,494 PPSF: $1,000 SELLER: The Brooklyn Standard – David Manheimer & Benjamin Koh BUYER: The Mann Group SELLER’S REP: Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara, Winfield Clifford […]

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$453,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04