Joel Schwartz Acquires Office Building In Williamsburg, Brooklyn For $11M
88 North 1st Street, Brooklyn, New York 11249, United States
$11,000,000
$1,051/SF
Building Size
10,460 SF
Asset Type
Office
Closing
Jul 4, 2022
About this deal
AI
An office building located at 88 North 1st Street in Williamsburg, Brooklyn was sold in a transaction that took place on April 7, 2022. The property spans approximately 10,460 square feet, with a price per square foot of $1,051.63. The total sale price for the building was $11,000,000. The previous sale of the property occurred on December 11, 1968.
Summary of Transaction Details
- Property Type: Office Building
- Transaction Amount: $11,000,000
- Address: 88 North 1st Street
- Market: Williamsburg, Brooklyn
- Square Footage: 10,460
- Price per Square Foot: $1,051.63
Joel Schwartz purchased the office building from Bernard Gans in this transaction. They represented themselves in the deal as the buyer and seller respectively.
On the Map
$11,000,000
$1,051/SF
Office
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Players
Brooklyn Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93