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Michael Silberberg Of Berkley Properties Acquires $7.5M Note From Blackstone For Williamsburg School Building
SOLD
$7,500,000
New York
See Similar DealsNote / Loan
Sold 01/09/2026
SOLD
Michael Silberberg Of Berkley Properties Acquires $7.5M Note From Blackstone For Williamsburg School Building
575 Bedford Avenue
See Similar DealsNote / Loan
Sold 01/09/2026
Summary
NEW YORK
Asset Type:Note / Loan
Transaction Type:Sale
A $7.5 million note was sold secured by a 30,000-square-foot school building located at 575 Bedford Avenue in Williamsburg, Brooklyn. The transaction occurred on January 9, 2026.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $7,500,000
- Buyer: Michael Silberberg - Berkley Properties
- Seller: Blackstone
- Market: Williamsburg, Brooklyn
Michael Silberberg, through an affiliate named Quince Realty Holding, acquired the note from Blackstone Group following a foreclosure action that was initiated by the lender in January 2025.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$400,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$26,645.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,553.83
Annual Debt Service$426,645.92
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