Updated Oct 29, 2024
EDRE Development Acquires Three Williamsburg Industrial Buildings For $7.6M
41R S 3rd St Brooklyn, NY 11249, USA
$7,640,000
$1,591/SF
Building Size
2,400 SF
Asset Type
MultiFamily
Closing
Jun 21, 2023
About this deal
AI
EDRE Development, led by Harel Edery, has acquired three industrial buildings in Williamsburg, Brooklyn for a total of $7.6 million. The properties, located at 41R South 3rd Street, 50 South 2nd Street, and N/A South 2nd Street, offer a combined buildable space of 28,974 square feet. This presents an exciting development opportunity in the vibrant market of Williamsburg.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $7,640,000
- Address: 41R South 3rd Street & 50 South 2nd Street
- Market: Williamsburg, Brooklyn
The buyer, EDRE Development, led by Harel Edery, recognized the potential in these industrial buildings and seized the opportunity to acquire them. The seller, Cerbert S.J. Noonan, successfully closed the deal, solidifying this transaction in an ever-growing market. With a total of 2,400 square feet and a price per square foot of $3,183, this acquisition showcases the buyer's confidence in the Williamsburg market.
On the Map
$7,640,000
$1,591/SF
MultiFamily
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New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.08%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93