Updated Dec 4, 2024
Kahen Properties Secures $57M Construction Loan For Development Site At 1026 3rd Avenue In Lenox Hill, Manhattan
1026 3rd Avenue
$57,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 16, 2023
About this deal
AI
Kahen Properties, through Third North Holdings LLC, has secured a $57 million construction loan from TD Bank for a development at 1026 Third Avenue in Lenox Hill, Manhattan. The development site has a buildable square footage (BSF) of 100,053 and is located in the bustling Lenox Hill market of Manhattan.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $57,000,000
- Address: 1026 3rd Avenue
- Market: Lenox Hill, Manhattan
- BSF: 100,053
Brian Terry from TD Bank provided the $57 million construction loan for the project. Alex Kahen, representing Kahen Properties, serves as the landlord for the development at 1026 Third Avenue.
On the Map
$57,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93