Updated Oct 29, 2024
Diamond Development Group Acquires 28-Unit Condo Building In Red Hook, Brooklyn For $19.25M
185 Conover St, Brooklyn, NY 11231, USA
$19,250,000
$605/SF
Building Size
31,800 SF
Asset Type
Development Site
Closing
Dec 16, 2019
About this deal
AI
Robert Schwartz, Eric Gleitman, and Lee Cohen collaborated on the acquisition and development of a new 28-unit condo building located at 185 Conover Street in the Red Hook neighborhood of Brooklyn. The property boasts a total building size of 31,800 square feet and includes 21 parking spaces. The deal was finalized on December 16, 2019.
Summary of transaction details
- Property Type: Condo building
- Transaction Amount: $19,250,000
- Lender: S3 Capital
- Loan Type: Acquisition and development
- Landlord: Diamond Development Group - Lee Cohen
- Broker: Mercury Capital Markets - Eric Gleitman
Diamond Development Group, led by Lee Cohen, acted as the landlord in this transaction. The brokerage firm Mercury Capital Markets, represented by Eric Gleitman, played a pivotal role in facilitating the deal between the parties involved in the acquisition and development of the condo building at 185 Conover Street in Red Hook, Brooklyn.
On the Map
$19,250,000
$605/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.82%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93