Updated Nov 18, 2025
Bank OZK Provides $176M Construction Loan For Development Site At 420 Carroll Street, Gowanus
420 Carroll Street, Brooklyn, New York 11215, United States
$176,000,000
$4,495/SF
Building Size
39,153 SF
Asset Type
Development Site
Closing
Jul 11, 2022
About this deal
AI
The development site located at 420 Carroll Street in Gowanus has been involved in a closed transaction. The property, with a buildable square footage (BSF) of 39,153, was part of a construction loan deal.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $176,000,000
- Lender: Bank OZK
- Landlord: Domain Companies & VOREA Group
The key individuals and companies involved in this deal are Chris Papamichael, Matthew Schwartz, Peter Papamichael, and Stephen Ohnemus. They are represented by their broker, Bank OZK. The loan was provided by Bank OZK to support the construction of the development site.
On the Map
$176,000,000
$4,495/SF
Development Site
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Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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