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233 West 125th Street, New ...

Updated Oct 28, 2024

Slate Property Group Provides $167.5 Million Refinance Loan For Harlem Development Site
FINANCEDDevelopment Site

Slate Property Group Provides $167.5 Million Refinance Loan For Harlem Development Site

233 West 125th Street, New York City, New York 10027, United States

$167,500,000

$398/SF

Building Size

420,000 SF

Asset Type

Development Site

Closing

Mar 31, 2022

About this deal

AI

A development site located at 233 W. 125th St. in Harlem has been involved in a recently closed transaction. The property, with a buildable square footage of 420,000, has attracted attention in the market.

Summary of transaction details

The loan used in this transaction was a refinance loan provided by Slate Property Group. Two brokerage teams played a crucial role in facilitating the deal. Jonathan Bodner and Emanuel Westfried from Two Bins and Francis Leung and Chris Okada from Okada & Company worked together to ensure the successful completion of the transaction.

Adding to the excitement of this deal, Chris Okada shared his enthusiasm on Instagram, highlighting the significance of closing a nine-figure deal in New York City real estate. The completion of this transaction in the first quarter of 2022 adds another success to their portfolio.

With the loan amount of $167,500,000 and the involvement of prominent individuals and companies, this closed transaction demonstrates the confidence in the Harlem market and the ongoing development in the area.

On the Map

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$167,500,000

$398/SF

Development Site

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Players

Christopher Okada

Okada & Company

Broker

$352.8M

vol

89 deals

Broker
Slate Property Group
Slate Property GroupLender
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New York Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Deal FAQ

About $398 per square foot on a published $167.5M for 420,000 square feet (2022).

Visit Jonathan "Jon" Bodner to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.09%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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