Donald Trump, Andrew MacArthur, William H. Walton And Keith Gelb Acquire Starret City AKA Spring Creek Towers In East New York, Brooklyn For $905M
1255 Granville Payne Ave, Brooklyn, NY 11239, USA
Building Size
1,688,760 SF
Asset Type
Other
Closing
May 7, 2018
About this deal
AI
The recent closed property transaction involves the sale of Starret City, also known as Spring Creek Towers, located in East New York, Brooklyn, New York. This property is classified as subsidized housing, offering affordable living options to residents.
Summary of transaction details
- Property Type: Subsidized Housing
- Transaction Amount: $905,000,000
- Units: 5,881
- Price Per Unit: $153,000
- Number of Buildings: 46
- Number of Parking Garages: 8
- Price Per Building: $19.6 million
- Total Square Feet: 5,000,000
- Price Per Square Foot: $181
- Seller: Starrett
This transaction involved notable individuals such as Donald Trump, Andrew MacArthur, William H. Walton, and Keith Gelb. They played significant roles in the deal as representatives from their respective agencies.
Players
Brooklyn Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93