Namdar Realty And Klosed Properties Acquire Retail Asset In Dumbo From CIM Group For $52.5M
85 Jay Street
$54,000,000
$420/SF
Building Size
128,410 SF
Asset Type
Retail
Closing
Jul 27, 2025
About this deal
AI
The property asset involved in this transaction is a retail space located at 85 Jay Street in the Dumbo market. The asset has a total square footage of 128,410 and was sold for a price of $52,500,000, resulting in a price per square foot of $409.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $52,500,000
- Address: 85 Jay Street
- Market: Dumbo
- Square Footage: 128,410
- Price Per Square Foot: $409
- Buyer: Namdar Realty & Klosed Properties
- Seller: CIM Group
- Broker Representatives: Adam Spies, Daniel O'Brien, Caroline Hodes, Felton Hatcher, Adam Doneger & Brett Siegel - Newmark
The transaction included key individuals representing both the buyer and seller. The broker representatives from Newmark, who facilitated the deal, are Adam Spies, Daniel O'Brien, Caroline Hodes, Felton Hatcher, Adam Doneger, and Brett Siegel.
On the Map
$54,000,000
$420/SF
Retail
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Players
Brooklyn Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93