Michael Chelala Negotiates $6.2M Loan For 20 Unit Mixed-Use Building On Park Ave In East Harlem
1627 Park Ave, New York, NY 10029, USA
$6,200,000
$433/SF
Building Size
14,300 SF
Asset Type
Mixed-use
Closing
Nov 28, 2020
About this deal
AI
A 20-unit mixed-use building located at 1627 Park Ave in East Harlem, Manhattan has been sold in a closed property transaction. The property spans a total area of 14,300 square feet and features a diverse mix of residential and commercial units.
Summary of transaction details
- Property Type: 20 Unit Mixed-Use Building
- Transaction Amount: $6,200,000
- Address: 1627 Park Ave, East Harlem, Manhattan
- Landlord: William Kukielka
- Lender: TD Bank
- Broker: Michael Chelala - Agency
- Loan Amount: $6,200,000
- Loan Term: 5 years
- Interest Rate: 3.85% Fixed
- Square Footage: 14,300 sf
Michael Chelala, representing the buyer/seller/landlord/tenant, played a crucial role in negotiating the deal. Additionally, he successfully secured a loan agreement with a 30-year amortization schedule, providing further flexibility and financial benefits for the transaction.
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
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93