Updated Oct 29, 2024
UrbanStandardCap Provides $7M Loan For Development Site At 171 Bowery, LES
171 Bowery, New York, NY 10002, USA
$7,000,000
$454/SF
Building Size
15,390 SF
Asset Type
Development Site
Closing
Apr 11, 2019
About this deal
AI
Located at 171 Bowery in the Lower East Side, this development site recently underwent a closed transaction. The property, spanning an impressive 15,390 square feet, was the subject of a deal involving Benjamin Barasch and Seth Weissman. The transaction took place on 04/12/2019 and was facilitated by Eli Terry and Charles Han of JBA Equities.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $7M
- Address: 171 Bowery
- Market: Lower East Side
- Lender: Urban Standard Capital
- Landlord: Grant Shapolsky of Prime Manhattan Development
The loan amount of $7 million was provided by Urban Standard Capital. Grant Shapolsky, representing Prime Manhattan Development, acted as the landlord in this transaction.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93