Updated Jun 25, 2025
New Scotland Development Cos Purchases Rensselaer Multifamily Properties From Joe Casale For $5.75M
1047 Broadway, 1307 Broadway & 1311 Broadway
$5,750,000
Units
12
Asset Type
MultiFamily
Closing
Jun 18, 2025
About this deal
AI
Three multifamily apartment buildings located at 1047 Broadway, 1307 Broadway, and 1311 Broadway in Rensselaer were transacted. The sale was finalized for $5,750,000, consisting of a total of 12 units, resulting in a price per unit of $479,167.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,750,000
- Buyer: New Scotland Development Cos
- Seller: Joe Casale
- Lender: Trustco Bank
- Units: 12
- Price Per Unit: $479,167
New Scotland Development Cos, based in Albany, acquired the properties with the support of a mortgage from Trustco Bank amounting to $4.6 million, reflecting the financial backing involved in this transaction.
Players
Rensselaer MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.76%
Cash-on-Cash
-0.79%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93