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32 Smith Street, Downtown B...

Updated Oct 28, 2024

Citigroup Provides $100 Million Loan For Office Building At 32 Smith Street In Downtown Brooklyn
FINANCEDOffice

Citigroup Provides $100 Million Loan For Office Building At 32 Smith Street In Downtown Brooklyn

32 Smith Street, Downtown Brooklyn, Brooklyn, NY, USA

$100,000,000

$517/SF

Building Size

193,195 SF

Asset Type

Office

Closing

Mar 2, 2021

About this deal

AI

The office property located at 32 Smith Street in Downtown Brooklyn recently underwent a loan transaction. The loan was provided by Citigroup for a total amount of $100,000,000. The property spans a total area of 193,195 square feet.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $100,000,000
  • Lender: Citigroup
  • Landlord: David Bistricer - Clipper Equity
  • Address: 32 Smith Street
  • Market: Downtown Brooklyn
  • SF: 193,195

David Bistricer, representing Clipper Equity, acted as the landlord in this loan transaction.

The office loan at 32 Smith Street, Downtown Brooklyn, Brooklyn, NY, USA in New York, New York financed for $100M in 2021. The building is 193,195 square feet, implying about 517 per square foot on the published price. Named participants on the 32 Smith Street, Downtown Brooklyn, Brooklyn, NY, USA loan are David Bistricer. This page is the New York, New York file for the 32 Smith Street, Downtown Brooklyn, Brooklyn, NY, USA office financed: pricing, party profiles, and other closed office comps from the same New York sit in the Market section below. Filter that New York office set by closing date to see what else financed near 32 Smith Street, Downtown Brooklyn, Brooklyn, NY, USA around 2021. Published consideration for 32 Smith Street, Downtown Brooklyn, Brooklyn, NY, USA is $100M, dated 2021. Cite this Citigroup Provides $100 Million Loan For Office Building At 32 Smith Street In Downtown Brooklyn loan when underwriting similar office product around New York, New York.

Players

David Bistricer

Clipper Equity

Landlord

$2.8B

vol

23 deals

Landlord

New York Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Deal FAQ

About $517 per square foot on a published $100M for 193,195 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.16%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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