Hirshmark Capital Refinances Development Site In Upper East Side, Manhattan For $5.8M
439 East 77th Street, New York City, New York 10075, United States
$5,800,000
$193/SF
Building Size
30,000 SF
Asset Type
Development Site
Closing
Dec 8, 2021
AI
An $5,800,000 loan was obtained to refinance a development site located at 439 E. 77th Street in the Upper East Side of Manhattan. The site has a buildable square footage (BSF) of 30,000. The loan was provided by Hirshmark Capital.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $5,800,000
- Address: 439 E. 77th Street
- Market: Upper East Side, Manhattan
- BSF: 30,000
- Lender: Hirshmark Capital
Igor Vaysberg, representing Hirshmark Capital, facilitated the loan transaction for the development site on behalf of the borrower. The property is owned by Pat Ciullo.
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
2.73%
Cash-on-Cash
-0.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93