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526 Baltic Street

Jacob Katz Acquires Development Site In Gowanus, Brooklyn For $13.9M
SOLDMixed-use

Jacob Katz Acquires Development Site In Gowanus, Brooklyn For $13.9M

526 Baltic Street

$13,900,000

Building Size

Asset Type

Mixed-use

Closing

Nov 21, 2023

AI

A development site located at 526 Baltic Street in Gowanus, Brooklyn has been sold for a total of $13,900,000. The property was purchased by Jacob Katz from Lynn Pedowitz. The deal was facilitated by Hirschy Zaks and Itanel Rahmani of Venture Capital Properties.

Summary of Transaction Details

  • Property Type: Development Site
  • Transaction Amount: $13,900,000
  • Address: 526 Baltic Street, Gowanus, Brooklyn
  • Buyer: Jacob Katz
  • Seller: Lynn Pedowitz
  • Brokers: Hirschy Zaks & Itanel Rahmani - Venture Capital Properties

Hirschy Zaks and Itanel Rahmani of Venture Capital Properties represented the buyer and seller in the transaction. They played a crucial role in facilitating the deal between Jacob Katz and Lynn Pedowitz for the development site at 526 Baltic Street in Gowanus, Brooklyn.

Players

Hirschy Zaks

Venture Capital Properties

Broker

$77M

vol

14 deals

Broker

Jacob Katz

Goose Property Management

Buyer

$114M

vol

5 deals

Buyer

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

1.14%

Cash-on-Cash

-0.33%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93