Capstone Equities Acquires Office In Sunset Park, Brooklyn For $70M Loan Sale
14 53rd St, Brooklyn, NY 11232, USA
$70,000,000
$140/SF
Building Size
500,000 SF
Asset Type
Office
Closing
May 22, 2023
About this deal
AI
An office property located at 14 53rd Street in Sunset Park, Brooklyn, was recently involved in a loan sale transaction. The property spans 500,000 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $70,000,000
- Market: Sunset Park, Brooklyn
- Buyer: Capstone Equities
- Seller: TPG Real Estate Finance Trust
- Brokers: Adam Doneger, Adam Spies, Avery Silverstein, Josh King & Marcella Fasulo from Newmark; Daniel O’Brien from Cushman & Wakefield
- Loan Type: Sale of non-performing loan
The loan sale transaction was facilitated by brokers Adam Doneger, Adam Spies, Avery Silverstein, Josh King, and Marcella Fasulo from Newmark, as well as Daniel O’Brien from Cushman & Wakefield.
On the Map
$70,000,000
$140/SF
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93