Principal Global Investors Acquires @461Dean Mixed-Use Asset In Prospect Heights, Brooklyn For $156M
461 Dean St, Brooklyn, NY 11217, USA
Building Size
3,332,800 SF
Asset Type
Mixed-use
Closing
Mar 27, 2018
About this deal
AI
A mixed-use property located at 461 Dean in Prospect Heights, Brooklyn, New York, has been sold for a price of $156,000,000. The property spans a total area of 333,280 square feet and has a price per square foot of $468.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $156,000,000
- Seller: @ForestCityREIT – David LaRue
- Buyer: Principal Global Investors – Kyle Elfers
- Broker: @CBRE's Darcy Stacom
The sale of this property was made possible through the efforts of Darcy Stacom from CBRE, who represented the seller, David LaRue of Forest City REIT. On the buyer's side, Kyle Elfers of Principal Global Investors was involved in the transaction. The property's seller, Forest City, also has a modular development arm called FC Modular, which played a role in the property's development process.
On the Map
Mixed-use
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Brooklyn 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93