Updated Dec 4, 2024
Joel Schwartz Secures $17.8M Refinancing Loan For Greenpoint Multifamily
494 Manhattan Avenue
$17,812,000
$882/SF
Building Size
20,179 SF
Asset Type
MultiFamily
Closing
Nov 30, 2023
About this deal
AI
Joel Schwartz, operating through 494 Manhattan LLC, secured a $17.8 million refinancing loan from Arbor Realty Trust for the 23-unit residential elevator building at 494 Manhattan Avenue in Greenpoint, Brooklyn. The property is a multi-family building with a total square footage of 20,179. It is located in the Greenpoint market of Brooklyn.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $17,812,000
- Square Footage: 20,179
- Units: 23
- Lender: Susana Iannicelli - Arbor Realty Trust
- Landlord: Joel Schwartz
Joel Schwartz, operating through 494 Manhattan LLC, worked with Susana Iannicelli from Arbor Realty Trust as the lender in securing the $17.8 million refinancing loan for the property at 494 Manhattan Avenue in Greenpoint, Brooklyn. This loan will provide financial stability and flexibility for the residential elevator building, benefiting both Schwartz as the landlord and the tenants residing in the 23 units.
On the Map
$17,812,000
$882/SF
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.89%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93