Mendel Fleischman Secures $16.5 Million Rehabilitation Loan From Be Aviv For 254 West 35th Street
254 West 35th Street
$16,500,000
$154/SF
Building Size
106,642 SF
Asset Type
Industrial
Closing
Jun 3, 2026
AI
The property asset involved in this transaction is located at 254 West 35th Street in Manhattan's Garment District. This industrial building features a total square footage of 106,642 and consists of 166 units, facilitating its conversion from a loft structure.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $16,500,000
- Lender: Be Aviv
- Landlord: Mendel Fleischman
- Loan Type: Rehabilitation
- Recording Date: June 11, 2026
- Management Entity: 35 Garden LLC
The deal was orchestrated by Mendel Fleischman, who is associated with the entity 35 Garden LLC. The transaction reflects a strategic investment in the rehabilitation of the 16-story loft building, facilitated by the financing from Be Aviv through Badf West 35th Street Lender LLC.
Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93