Abe Cohen And Steven Rosenberg Secure $16.95M Loan For Mixed-Use 3 Bldg Package In Manhattan
119 Baxter Street, Manhattan, New York, NY, USA
$16,950,000
$506/SF
Building Size
33,480 SF
Asset Type
Mixed-use
Closing
Dec 17, 2018
About this deal
AI
Abe Cohen and Steven Rosenberg, in partnership with Mctaggart Family & Partners, have acquired a mixed-use three-building package in Manhattan. The properties, located at 119 Baxter, 110 Madison, and 33 Henry, will undergo renovation and lease up. The total square footage of the package is 33,480.
Summary of transation details
- Property Type: Mixed-use 3 Bldg Package
- Transaction Amount: $16,950,000
- Lender: Capital Source
- Loan Amount: $16,950,000
- Landlord: Abe Cohen and Steven Rosenberg in partnership with Mctaggart Family & Partners
- Broker: Ayush Kapahi - HKS
- SF: 33,480
The acquisition of the mixed-use three-building package in Manhattan was made possible through a non-recourse loan provided by Capital Source. The thirty-six-month loan, in the amount of $16,950,000, will support the acquisition, renovation, lease up, and stabilization of the properties.
On the Map
$16,950,000
$506/SF
Mixed-use
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Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93