Solomon Schwimmer Acquires Development Site Ground Lease At 16 Beaver Street For $3.5M
16 Beaver Street
$3,500,000
$223/SF
Building Size
15,678 SF
Asset Type
Development Site
Closing
Feb 27, 2026
AI
The property involved in this transaction is a development site under a ground lease, located at 16 Beaver Street in the Financial District of Manhattan. The sale price for the asset was $3,500,000, encompassing a total square footage of 15,678. The price per square foot for the property stands at $223.
Summary of transaction details:
- Property Type: Development Site - Ground Lease
- Transaction Amount: $3,500,000
- Address: 16 Beaver Street
- Market: Financial District, Manhattan
- Square Footage: 15,678
- Price per Square Foot: $223
- Buyer: Solomon Schwimmer
- Seller: Danny Wrublin
- Brokers: Joseph Koicim & Michael Salvatico - Marcus & Millichap
The key individuals in this transaction include the buyer, Solomon Schwimmer, and the seller, Danny Wrublin. The brokers representing the transaction are Joseph Koicim and Michael Salvatico from Marcus & Millichap.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93