Updated Oct 29, 2024
Alpert Family Secures $24.5M Loan For Development Site At 1516 Park Avenue In Harlem
1516 Park Ave, New York, NY 10029, USA
$24,500,000
$3,467/SF
Building Size
7,065 SF
Asset Type
Development Site
Closing
Nov 14, 2018
About this deal
AI
The development site located at 1516 Park Avenue in Harlem was involved in a closed property transaction. The borrower, Alpert Family, secured a loan amount of $24,500,000 from Centennial Bank. The loan rate was set at 30 Day Libor + 475. The plans for the site included a 60-unit multi-family residential development, along with 6,500 square feet of retail space under the FRESH program. Additionally, there was a provision for 400 square feet of community space.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $24,500,000
- Address: 1516 Park Avenue, Harlem
- Borrower: Alpert Family
- Lender: Centennial Bank
Michael Chelala, the Director of Originations at , played a critical role as the broker in this transaction. His expertise and negotiation skills facilitated the deal between the borrower and the lender.
On the Map
$24,500,000
$3,467/SF
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
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93