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229 Chrystie Street

Updated Dec 4, 2024

American Realty Advisors Secures $210 Million Refinance Loan From Bank Of China For Lower East Side Condos
FINANCEDCondo

American Realty Advisors Secures $210 Million Refinance Loan From Bank Of China For Lower East Side Condos

229 Chrystie Street & 95 East Houston Street

$210,000,000

Units

361

Asset Type

Condo

Closing

Nov 11, 2024

About this deal

AI

The transaction involves a refinance loan secured by American Realty Advisors for two properties located at 229 Chrystie Street and 95 East Houston Street, situated in the Lower East Side of Manhattan. The properties include a 361-unit rental condo at 229 Chrystie Street and a retail condo at 95 East Houston Street, with a total loan amount of $210 million.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $210,000,000
  • Lender: Raymond Qiao - Bank of China
  • Landlord: Scott Darling - American Realty Advisors
  • Market: Lower East Side, Manhattan
  • Loan Type: Refinance

Raymond Qiao from Bank of China acted as the lender in this transaction, while Scott Darling represented American Realty Advisors as the landlord for the properties involved in the refinance. The completion of this loan further highlights the partnership between financial institutions and real estate firms in facilitating property transactions.

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$210,000,000

Condo

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Players

Bank of China
Bank of ChinaLender
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New York Condo Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.08%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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