Newmark Knight Frank's Daniel Fromm Secures $12.3M Loan For Retail Condo At 1400 Fifth Avenue
1400 5th Ave, New York, NY 10026, USA
$12,300,000
$399/SF
Building Size
30,800 SF
Asset Type
—
Closing
Sep 6, 2018
About this deal
AI
A retail condo located at 1400 Fifth Avenue in S. Harlem, Manhattan has been recently sold in a closed transaction. The property, spanning 30,800 square feet, was sold for an undisclosed amount and was financed by a $12,300,000 loan from Barclays.
Summary of transaction details
- Property Type: Retail Condo
- Transaction Amount: Undisclosed
- Address: 1400 Fifth Avenue, New York
- Market: S. Harlem/Manhattan
The landlord for this property is Ashkenazy Acquisition Corp. The deal was facilitated by Daniel Fromm from Newmark Knight Frank, representing the parties involved. The loan provided by Barclays has a term of 10 years with a fixed interest rate.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.29%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93