facebook
Traded Co logo
Submit a Deal
144 West Street
SOLD

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

144 West Street

MultiFamily
17,400 SF
clock iconSold 62 days ago
Samuel (Sam) Leppo
Michael (Mike) Salvatico
Shaun Riney
the dealplayerscompscontact
share iconContact now

Summary

Sale
NEW YORK
MultiFamily
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.

Players

  • All

    4

  • Agents

    3

  • Agencies

    1

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

Details

Deal Summary
minus icon
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.

View on map

Loading...

Address144 West Street

Comparables

No listingsThis user does not have deals with the selected filters yet.
Reset filters to show results.

Contact

Get in touch with the broker you want