Updated Mar 11, 2025
Kriss Capital Provides $17M Construction Loan For Lower East Side Development Site
66 Clinton St, New York, NY 10002, USA
$17,000,000
$226/SF
Building Size
75,000 SF
Asset Type
Development Site
Closing
Oct 1, 2020
About this deal
AI
Located at 66 Clinton Street in the Lower East Side, this development site was involved in a recent closed transaction. The property has a zoning designation of C5-2A and DB, offering potential for various uses. The transaction involved a construction loan provided by Kriss Capital, amounting to $17,000,000. The property spans 75,000 square feet.
Summary of Transaction Details
- Property Type: Development site
- Transaction Amount: $17,000,000
- Address: 66 Clinton Street
- Market: Lower East Side
- Zoning: C5-2A, DB
Max Herzog and Marko Kazanjian, representing Borough Equities, TLM Equities, and Vault Brokers, were the key individuals involved in this deal. Additional participants in the transaction included Mike Bauer, Robert Zecher, and Jody Kriss. Notable for the transaction was the involvement of JLL as the broker agency. For full details of the transaction, kindly refer to the provided loan image.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93