CBSK Ironstate Development, CB Developers, And SK Development Group Secure $102.8M Loan For Murray Hill Condo Project
591 3rd Ave, New York, NY 10016, USA
$102,800,000
$17,133/SF
Building Size
6,000 SF
Asset Type
—
Closing
Sep 16, 2018
AI
The property involved in this closed transaction is a condominium located at 591 Third Avenue in the Murray Hill market. The condo consists of 74 units and was developed by CBSK Ironstate Development, with principal Michael Barry, CB Developers, headed by Charles Blaichman, and SK Development Group.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $102,800,000
- Lender: Deutsche Bank (Christian Sewing)
- Landlord/Developer: CBSK Ironstate Development (Michael Barry), CB Developers (Charles Blaichman), SK Development Group
The financing for this transaction was provided by Deutsche Bank, with Christian Sewing representing the lender. The landlord and developers involved in the deal include CBSK Ironstate Development, led by Michael Barry, CB Developers, headed by Charles Blaichman, and SK Development Group. No additional information is available regarding the terms of the loan or specific involvement of the developers.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93