Updated Sep 11, 2026
Valley National Bank Provides $135M Construction Loan For Multifamily Property In Dumbo
218 Front Street
$135,000,000
$685/SF
Building Size
197,000 SF
Asset Type
MultiFamily
Closing
Oct 7, 2022
About this deal
AI
The multifamily property located at 218 Front Street in Dumbo has undergone a recent transaction. Spanning a total of 197,000 square feet, the property consists of 218 units. The deal involved a construction loan with Valley National Bank, facilitated by Jeff Puchin. The loan amount for this transaction is $135,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $135,000,000
- Address: 218 Front Street
- Market: Dumbo
- Square Footage: 197,000
- Number of Units: 218
In addition to Valley National Bank's involvement as the lender, Cheskel Schwimmer is the landlord of the property. Leah Paskus and Pinchas Vogel from Landstone Capital Group served as the brokers in this transaction.
On the Map
$135,000,000
$685/SF
MultiFamily
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Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93