Developers Secure $11M Refinancing Loan For Gramercy Condo And Retail Units
250 EAST 21 STREET, Brooklyn, NY 11226
$10,995,800
Units
54
Asset Type
Condo
Closing
Jul 21, 2023
About this deal
AI
The property involved in this transaction is a condo located at 250 East 21st Street in Gramercy, Manhattan. The asset consists of seven unsold condominium units and three retail units within a 54-unit new development.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $10,995,800
- Address: 250 East 21st Street
- Market: Gramercy, Manhattan
Developers Claudio Soifer and Harry Karten, represented by SD Second Avenue Property LLC, secured a refinancing loan of $11 million from Lancewood Capital, with Tino Martins as the lender's representative. The loan has been obtained for the purpose of refinancing the unsold condominium and retail units in the development at 250 East 21st Street.
On the Map
$10,995,800
Condo
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Players
Brooklyn Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93