The Mann Group Acquires Mixed-Use Property On Wythe Avenue In Williamsburg For $8.5M
157 Wythe Ave, Brooklyn, NY 11249, USA
$8,500,000
$1,000/SF
Building Size
8,494 SF
Asset Type
Mixed-use
Closing
Jul 28, 2019
About this deal
AI
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.
On the Map
$8,500,000
$1,000/SF
Mixed-use
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Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93