Marcus & Millichap Brokers Close $9.3M Mixed-Use Sale In Greenpoint
144 West Street
$9,300,000
$534/SF
Building Size
17,400 SF
Asset Type
MultiFamily
Closing
May 15, 2024
AI
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:
- Property Type: Mixed-use & Ground Lease
- Transaction Amount: $9,300,000
- Address: 144 West Street
- Market: Greenpoint, Brooklyn
- Size: 17,400 square feet
- Brokers: Shaun Riney, Michael Salvatico & Samuel Leppo - Marcus & Millichap
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
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.71%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93