STORE Capital Acquires School In Red Hook For $56.8M
556 Columbia Street, Red Hook, Brooklyn, NY, USA
$56,807,408
$574/SF
Building Size
98,810 SF
Asset Type
Other
Closing
May 9, 2021
About this deal
AI
The property involved in this transaction is a school located at 556 Columbia Street in Red Hook. It has a total square footage of 98,810 and a price per square foot of $574. The building comprises 48,200 square feet and has a sale price of $56,807,408. The property is zoned as M1-1 and falls under tax class 4. The lot size is 48,221 square feet, with dimensions measuring 200 ft x 241.75 ft. The sale also included permits for an alteration type 2, dated March 23, 2020. The property has a floor area ratio (FAR) of 2.05.
Summary of transaction details:
- Property Type: School
- Transaction Amount: $56,807,408
- Market: Red Hook
- Zoning: M1-1
The buyer in this transaction is STORE Capital, while the seller is Education Capital Solutions LLC. The transaction does not involve any brokers or representatives. Christopher H. Volks captured the image associated with this property transaction, dated May 10, 2021.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93