FINANCEDCondo
Kriss Capital Provides $32 Million Construction Loan For Luxury Condos In Tribeca
32 34 Walker Street
$32,000,000
$1,066/SF
Building Size
30,000 SF
Asset Type
Condo
Closing
Feb 27, 2025
AI
The asset involved in this transaction is a condo located at 32-34 Walker Street in the TriBeCa market, consisting of 25,000 square feet. The loan amount for this construction project is $32,000,000, facilitated by Kriss Capital for the development of luxury condos.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $32,000,000
- Lender: Kriss Capital
- Landlord: Prosper PG & Urban Capital Group
- Broker: Andrew Iadeluca - New Development Capital
- Loan Type: Construction
Key individuals involved in the transaction include Stephen Nemeroff, Nicholas Solomon, Harvey Lederman, Jody Kriss, Mark Luehring Jones, Andrew Iadeluca, Damien Smith, Eddie Bender, and Cedric Abboud. Andrew Iadeluca from New Development Capital arranged the loan specifically for the luxury condos in TriBeCa.
Players
New York Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93