Updated Jun 19, 2025
Michael Auriema Secures $2.5 Million Construction Loan For Development Site At 313 East 6th Street
313 East 6th Street
$2,500,000
Building Size
—
Asset Type
Development Site
Closing
Jun 12, 2025
About this deal
AI
The transaction involves a development site located at 313 East 6th Street in the East Village. The landlord of the property is Michael Auriema, and the total amount of the construction loan secured for this project is $2,500,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,500,000
- Landlord: Michael Auriema
- Landlord's Representative: Jaden Lander & Adam Croman - Tahari Realty
- Loan Type: Construction
Tahari Realty's Capital Advisory division facilitated the loan, effectively navigating challenges such as a building-wide fire and a Department of Buildings vacate order. The team exemplifies a wealth of knowledge and capability within the real estate sector, reinforcing Tahari Realty's reputation as a trusted advisor for various clients including institutional investors and high-net-worth individuals.
On the Map
$2,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93