Joel Teitelbaum Acquires Williamsburg Office Building For $23.25M
SOLD
$23,250,000
New York
See Similar DealsOffice50,332 SF
Sold 12/13/2018
SOLD
Joel Teitelbaum Acquires Williamsburg Office Building For $23.25M
555 Broadway, New York, NY, USA
See Similar DealsOffice50,332 SF
Sold 12/13/2018
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$461
Total Square Footage:50,332 SF
Transaction Type:Sale
A 50,332-square-foot office property located at 555 Broadway in Williamsburg, Brooklyn has been sold for $23,250,000. The sale, which took place on December 14, 2018, was facilitated by brokers Brendan Maddigan and Ethan Stanton from JLL.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $23,250,000
- Address: 555 Broadway
- Market: Williamsburg
- Size: 50,332 square feet
The seller of the property was Blesso Properties, represented by Matt Blesso. The buyer, on the other hand, was Joel Teitelbaum. The transaction was successfully completed with the assistance of Brendan Maddigan and Ethan Stanton from JLL, who acted as the brokers in the deal.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,240,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$82,602.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$110,216.86
Annual Debt Service$1,322,602.34
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