Brookfield Sells Office Property In Downtown Brooklyn To Boyd Watterson For $306.5M
SOLD
$306,500,000
+ 3
New York
See Similar DealsOffice656,339 SF
Sold 03/30/2022
SOLD
Brookfield Sells Office Property In Downtown Brooklyn To Boyd Watterson For $306.5M
9 Metrotech Walk, Brooklyn, New York 11201, United States
See Similar DealsOffice656,339 SF
Sold 03/30/2022
+ 3
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$467
Total Square Footage:656,339 SF
Transaction Type:Sale
Downtown Brooklyn's 9 & 11 Metrotech Center has been sold in a recent transaction for $306,500,000. The office property spans 656,339 square feet, resulting in a price per square foot of $466. The sale took place on 03/30/2022.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $306,500,000
- Address: 9 & 11 Metrotech Center, Downtown Brooklyn
- Market: Downtown Brooklyn
Boyd Watterson, represented by Brian Gevry, acquired the property from Brookfield. The selling party was represented by Brian Kingston, Ben Brown, Jake Nathan, and Bobby Swennes. Newmark's Brett Siegel, Evan Layne, and Alex Scheetz acted as the brokers in the transaction.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,346,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,088,929.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,452,966.37
Annual Debt Service$17,435,596.43
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