Updated Dec 4, 2024
Hershy Silberstein Secures $30.4M Construction Loan In East Morrisania, Bronx
800 East 170th Street, 802 East 170th Street & 808 East 170th Street
$30,400,000
Units
28
Asset Type
Development Site
Closing
May 15, 2024
About this deal
AI
The development site located at 800, 802 & 808 East 170th Street in East Morrisania, Bronx, was involved in a construction loan transaction. The property, where a 28-unit R-2 building project is underway, secured a $30.4 million loan from Northeast Community Bank.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $30,400,000
- Lender: Northeast Community Bank
- Landlord: Hershy Silberstein
- Representative: Gws East 170 LLC
Hershy Silberstein, the landlord, was represented by Gws East 170 LLC in securing the construction loan from Northeast Community Bank for the property located in East Morrisania, Bronx.
On the Map
$30,400,000
Development Site
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Players
Bronx Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93