Corner Street Capital Acquires 35-Unit Rental In Brooklyn For $36.1M
58 Palmetto Street, Brooklyn, New York 11221, United States
$15,585,897
$598/SF
Building Size
26,035 SF
Asset Type
Other
Closing
Sep 5, 2022
About this deal
AI
Corner Street Capital, represented by Ross Banon, completed the acquisition of a rental property in Brooklyn. The property is located at 58 Palmetto Street, 177 Palmetto Street, and 540 Driggs Avenue. The transaction took place on September 6, 2022.
Summary of transation details
- Property Type: Rental
- Transaction Amount: $36,100,000
- Buyer: Corner Street Capital - Ross Banon
- Seller: Joel Schwartz & Shaindy Schwartz
- Units: 35
- Price per Unit (PPU): $1,031,428
- Square Footage: 26,035
- Price per Square Foot (PPSF): $1,386
The buyer, Corner Street Capital, was represented by Ross Banon. The seller of the property was Joel Schwartz and Shaindy Schwartz.
Players
New York Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93