Bank Leumi Provides $116.7M Loan For Residential Tower Development At 368 Third Avenue, Kips Bay
368 3rd Ave, New York, NY 10016, USA
$116,700,000
$1,006/SF
Building Size
116,000 SF
Asset Type
Development Site
Closing
Nov 7, 2018
AI
Lior Carucci and Yehuda Mor collaborated on a residential new development project located at 368 Third Avenue in the Kips Bay market. The property, developed by Minrav Development, spans across 116,000 square feet and consists of a 103-unit residential tower.
Summary of transaction details
- Property Type: Residential new development
- Transaction Amount: $116.7M
- Address: 368 Third Avenue
- Market: Kips Bay
The lender for this project was Bank Leumi. It's important to note that Minrav Development served as the landlord for the property. The loan amount provided by Bank Leumi was $116.7 million.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93