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The Rivington Company Acquires Residential Conversion At 185 Marcy Avenue For $28.7M

Property Image
SOLD
$28,700,000
Brendan Maddigan
Michael Mazzara
+ 1

New York

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Office81,348 SF
Sold 04/02/2025
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Property Image
SOLD

The Rivington Company Acquires Residential Conversion At 185 Marcy Avenue For $28.7M

185 Marcy Avenue

See Similar Deals
Office81,348 SF
Sold 04/02/2025
Brendan Maddigan
Michael Mazzara
+ 1
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$352
Total Square Footage:81,348 SF
Transaction Type:Sale

The property asset involved in this transaction is a residential conversion located at 185 Marcy Avenue in Brooklyn. The sale price was $28,700,000 for a total square footage of 81,348, resulting in a price per square foot of $352.

Summary of transaction details:

  • Property Type: Residential Conversion
  • Transaction Amount: $28,700,000
  • Address: 185 Marcy Avenue
  • Market: Brooklyn
  • Square Footage: 81,348
  • Price Per Square Foot: $352
  • Buyer: The Rivington Company
  • Seller: One William Street
  • Brokers: Ethan Stanton, Brendan Maddigan, Jay Leshinsky & Michael Mazzara - JLL

Key individuals involved in this transaction include The Rivington Company as the buyer and One William Street as the seller. The transaction was facilitated by brokers Ethan Stanton, Brendan Maddigan, Jay Leshinsky, and Michael Mazzara from JLL, who represented the parties in this deal.

Players

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

Ethan Stanton
JLL
134 deals$6.2B volume(516) 790-7718
BROKER

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

Jay Leshinsky
JLL
4 deals$159.4M volume(212) 376-1225
BROKER

One William Street Capital Management
SELLER

Details

SOLD
IMAGE: Ethan Stanton, Brendan Maddigan & Michael Mazzara DATE: 04/02/2025 ADDRESS: 185 Marcy Avenue MARKET: Brooklyn ASSET TYPE: Residential Conversion BUYER: The Rivington Company SELLER: One William Street BROKERS: Ethan Stanton, Brendan Maddigan, Jay Leshinsky & Michael Mazzara - JLL (@JLL) SALE PRICE: $28,700,000 SF: 81,348 ~ PPSF: $352

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Deal Type
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Net Operating Income (NOI)

$1,530,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$101,965.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$136,052.64
Annual Debt Service$1,632,631.70