Updated Oct 28, 2024
New York City Regional Center Provides $19.5M Loan For East Harlem Development Site
60 East 112th Street, Manhattan, New York, NY, USA
$19,500,000
$384/SF
Building Size
50,661 SF
Asset Type
Development Site
Closing
Jun 20, 2021
About this deal
AI
A development site located at 60 East 112th Street in East Harlem has secured a loan of $19,500,000. The loan was provided by New York City Regional Center. The property, owned by L+M Development Partners, is a development site in the East Harlem market.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $19,500,000
- Lender: New York City Regional Center
- Landlord: L+M Development Partners
- Market: East Harlem
The loan provided by New York City Regional Center will facilitate the development of the property located at 60 East 112th Street in East Harlem. L+M Development Partners, the landlord, is responsible for overseeing the development process.
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
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93