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Marcus & Millichap Brokers Close $9.3M Mixed-Use Sale In Greenpoint

Property Image
SOLD
$9,300,000
Samuel (Sam) Leppo
Michael (Mike) Salvatico
Shaun Riney

New York

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MultiFamily17,400 SF
Sold 05/15/2024
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Brokers Close $9.3M Mixed-Use Sale In Greenpoint

144 West Street

See Similar Deals
MultiFamily17,400 SF
Sold 05/15/2024
Samuel (Sam) Leppo
Michael (Mike) Salvatico
Shaun Riney
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$534
Total Square Footage:17,400 SF
Transaction Type:Sale

The property at 144 West Street in Greenpoint, Brooklyn, was recently involved in a closed transaction. The mixed-use and ground lease asset was sold for $9,300,000. Spanning 17,400 square feet, the property commanded a price per square foot of $534.

Summary of transaction details:

The deal involved notable individuals in the real estate industry. Shaun Riney, Michael Salvatico, and Samuel Leppo from Marcus & Millichap led the transaction. A special mention was made to Jeremy Chubak and Neil Miller of Katsky Korins for their assistance in facilitating the deal. The negotiation included a creative lender financing structure to optimize loan recovery and introduce a fresh capital stack.

Players

Michael (Mike) Salvatico
Marcus & Millichap
Michael Salvatico
173 deals$787M volume(718) 475-4358
BROKER
Shaun Riney
Marcus & Millichap
Shaun Riney
355 deals$1.8B volume(718) 475-4369
BROKER
Samuel (Sam) Leppo
Marcus & Millichap
Samuel Leppo
59 deals$286.6M volume(718) 475-4342
BROKER

Details

SOLD
IMAGE: Samuel Leppo, Shaun Riney & Michael Salvatico DATE: 05/15/2024 ADDRESS: 144 West Street MARKET: Greenpoint, Brooklyn ASSET TYPE: Mixed-use & Ground Lease BROKERS: Shaun Riney (@ShaunRiney1), Michael Salvatico (@MikeSalvatico) & Samuel Leppo (@Leppo.CRE) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $9,300,000 SF: 17,400 ~ PPSF: $534 NOTE FROM BROKER: Leasehold interest sold for the loan amount. Huge thank you to Jeremy Chubak & Neil Miller of Katsky Korins for helping facilitate a transaction with a number of moving parts. We negotiated a creative lender financing structure, short-term and interest only, in order to maximize ultimate loan recovery for lender and get them a replacement guarantor with a fresh capital stack. For the playbook on how to manage underwater/tight to par debt situations in a way that maximizes lender recovery of proceeds and prioritizes the health of the collateral, please reach out to Shaun Riney at 718-475-4369 to discuss the situation and a menu of options and who should pay what closing costs in these scenarios.

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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