STORE Capital Acquires School In Red Hook For $56.8M
SOLD
$56,807,408
New York
See Similar DealsOther98,810 SF
Sold 05/10/2021
SOLD
STORE Capital Acquires School In Red Hook For $56.8M
556 Columbia Street, Red Hook, Brooklyn, NY, USA
See Similar DealsOther98,810 SF
Sold 05/10/2021
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$574
Total Square Footage:98,810 SF
Transaction Type:Sale
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
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,029,728.42
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$201,824.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$269,296.10
Annual Debt Service$3,231,553.15
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