Updated Feb 16, 2024
BridgeCity Capital Refinances Development Site In Greenpoint, Brooklyn For $18.5M
494 Manhattan Avenue, Brooklyn, New York 11222, United States
$18,500,000
Units
23
Asset Type
Development Site
Closing
Aug 30, 2022
About this deal
AI
A development site located at 494 Manhattan Avenue in Greenpoint, Brooklyn has undergone a loan transaction. The property consists of 23 units and is represented by Louis Lebovits in the deal, as mentioned on his Instagram post.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $18,500,000
- Date: 08/31/2022
- Address: 494 Manhattan Avenue
- Market: Greenpoint, Brooklyn
- Lender: BridgeCity Capital
- Landlord: Joel Schwartz
- Loan Type: Refinance
The loan of $18,500,000 was provided by BridgeCity Capital, with Louis Lebovits representing the lender in the deal. The property is owned by Joel Schwartz, who is the landlord in this transaction.
On the Map
$18,500,000
Development Site
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Players
New York 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
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93