Updated Dec 4, 2024
Silverstein Capital Partners Acquires Development Site In Brooklyn For $172M
One Clinton St, Brooklyn, NY 11201, USA
$172,000,000
$53,969/SF
Building Size
3,187 SF
Asset Type
Development Site
Closing
Apr 30, 2020
About this deal
AI
Located at 1 Clinton Street in Brooklyn, this development site was recently sold in a closed transaction. The property, which is owned by Starwood Property Trust, was purchased by Silverstein Capital Partners. Hudson Companies will be the developer for this project. The transaction involved a loan amount of $172,000,000.
Summary of transation details
- Property Type: Dev Site
- Transaction Amount: $172,000,000
- Seller: Starwood Property Trust
- Buyer: Silverstein Capital Partners
- Developer: Hudson Companies
This deal brought together notable individuals in the industry. Marty Burger, Barry Sternlicht, Larry Silverstein, and David Kramer are the key figures associated with this transaction. Marty Burger and Barry Sternlicht represent Starwood Property Trust and Silverstein Capital Partners respectively.
Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93