Updated Jan 8, 2026
Abe Garbo & Sara Rottenberg Secure $18 Million Construction Loan From Shawn Safdie At 558 Saint Johns Place
558 Saint Johns Place
$18,000,000
$4,500/SF
Building Size
4,000 SF
Asset Type
Development Site
Closing
Dec 8, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 558 Saint Johns Place in Brooklyn, measuring 6,301 square feet with a building square footage of 38,385. The purchase price was all cash for $7,600,000, equating to $200 per square foot. A construction loan of $18,000,000 has been secured, with construction set to begin next week.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,000,000
- Address: 558 Saint Johns Place
- Market: Brooklyn
- Landlord: Abe Garbo & Sara Rottenberg
- Lender: Shawn Safdie - S3 Capital
Abe Garbo and Sara Rottenberg are the landlords associated with this transaction. Shawn Safdie from S3 Capital is the lender facilitating the construction loan. The landlords expressed their appreciation towards Shawn with a note stating, "We love you Shawn!!!!"
Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93