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144 West Street

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

144 West Street

17,400 SF
clock iconSold 62 days ago
Samuel (Sam) Leppo
Michael (Mike) Salvatico
Shaun Riney
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17,400 sqft

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.


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Samuel (Sam) Leppo's profile picture
Samuel (Sam) Leppo
Marcus & Millichap-image
Licensed Real Estate Salesperson
$284.8M Sold


Deal Summary
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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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Address144 West Street


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