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645-651 Union Street, Brook...

Sonder USA Leases Hotel In Gowanus, Brooklyn From Red Pine Capital Partners
LEASEDHotel

Sonder USA Leases Hotel In Gowanus, Brooklyn From Red Pine Capital Partners

645-651 Union Street, Brooklyn, NY, USA

Building Size

25,000 SF

Asset Type

Hotel

Closing

Jun 1, 2020

AI

The recently closed property transaction in Gowanus, Brooklyn involved a hotel located at 645-651 Union Street. The asset encompasses approximately 25,000 square feet and is situated in the vibrant Gowanus market.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Date: 06/01/2021
  • Landlord: Red Pine Capital Partners - Michael K. Federman
  • Tenant: Sonder USA - Brooks Crowley & Francis Davidson
  • Broker: Robin Scott - Cayuga Management
  • Asking Rent: $70/ft.

The esteemed individuals involved in this deal include Brooks Crowley and Francis Davidson representing Sonder USA as the tenant. The landlord, Red Pine Capital Partners, is represented by Michael K. Federman. The transaction was facilitated by Robin Scott of Cayuga Management as the broker.

Players

Robin Scott

Broker

1 deal

Broker

Michael K. Federman

Red Pine Capital Partners

Landlord

3 deals

Landlord

Francis Davidson

Sonder

Tenant

2 deals

Tenant

New York Hotel Market Snapshot

Boundary boundary · Hotel · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93