Progress Capital Secures $2.03M Refinance Loan For Midtown Manhattan Condo On Fifth Avenue
641 5th Avenue
$2,030,000
$1,561/SF
Building Size
1,300 SF
Asset Type
Condo
Closing
Jan 24, 2024
About this deal
AI
Located at 641 Fifth Avenue in Midtown Manhattan, this Condo spans 1,300 square feet. The property was involved in a refinancing transaction with a loan amount of $2,030,000 facilitated by ROC 360, represented by Kevin Mulcahy & Adam Gottfried. The landlords of the property are Pratik Shah & Mangesh Shah, with brokerage services provided by Gabby Cali from Progress Capital.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $2,030,000
- Address: 641 Fifth Avenue
- Market: Midtown Manhattan
- Loan Type: Refinance
- Lender: ROC 360 – Kevin Mulcahy & Adam Gottfried
- Landlord: Pratik Shah & Mangesh Shah
- Broker: Gabby Cali - Progress Capital
In this transaction, Gabby Cali from Progress Capital played a crucial role as the broker, connecting the parties involved in the refinancing deal. The collaboration of individuals like Kevin Mulcahy, Adam Gottfried, Pratik Shah, and Mangesh Shah signifies a significant financial movement in the real estate market of Midtown Manhattan.
On the Map
$2,030,000
$1,561/SF
Condo
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.81%
Cash-on-Cash
-2.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93