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Michael Chelala Negotiates $6.2M Loan For 20 Unit Mixed-Use Building On Park Ave In East Harlem

Property Image
FINANCED
$6,200,000
Michael Chelala
WK

New York

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Mixed-use14,300 SF
Financed 11/29/2020
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Property Image
FINANCED

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

See Similar Deals
Mixed-use14,300 SF
Financed 11/29/2020
Michael Chelala
WK
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$433
Total Square Footage:14,300 SF
Transaction Type:Loan

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

Michael Chelala
Michael Chelala
6 deals$35.6M volume
BROKER
TD Bank
TD Bank
LENDER
WK
William Kukielka
2 deals$8.7M volume
LANDLORD

Details

FINANCED
IMAGE: Michael Chelala ADDRESS: 1627 Park Ave AREA: East Harlem, Manhattan ASSET TYPE: 20 Unit Mixed-Use Building LANDLORD: William Kukielka LENDER: TD Bank BROKER: Michael Chelala LOAN AMOUNT: $6,200,000 LOAN TERM: 5 years RATE: 3.85% Fixed SF: 14,300 sf NOTE: Michael was also able to negotiate this deal on a 30 year Amortization schedule.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,200,000.00

Monthly NOI$41,333.33
Monthly Debt Service$39,188.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00