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Marble Hill Capital Partners Acquires Mixed-Use Properties In Manhattan & Brooklyn With $27.5M Loan From IDBNY

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FINANCED
$27,500,000
Max Herzog
Marko Kazanjian
+ 2

New York

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Mixed-use62 SF
Financed 07/07/2022
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Property Image
FINANCED

Marble Hill Capital Partners Acquires Mixed-Use Properties In Manhattan & Brooklyn With $27.5M Loan From IDBNY

165 Eldridge Street, New York City, New York 10002, United States

See Similar Deals
Mixed-use62 SF
Financed 07/07/2022
Max Herzog
Marko Kazanjian
+ 2
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$443,548
Total Square Footage:62 SF
Transaction Type:Loan

165 Eldridge St. & 68 Richardson, a mixed-use property with a total square footage of 62,500, was recently involved in a transaction in Manhattan and Brooklyn. The loan for this acquisition was provided by IDBNY, with Jeremy Romine representing the lender. Marble Hill Capital Partners, represented by Meng Lee and Karim Elsayyad, acted as the landlord. JLL, with Max Herzog, Marko Kazanjian, and Andrew Cohen as brokers, facilitated the deal.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $27,500,000
  • Market: Manhattan & Brooklyn
  • Lender: IDBNY - Jeremy Romine
  • Landlord: Marble Hill Capital Partners - Meng Lee & Karim Elsayyad
  • Brokers: Max Herzog, Marko Kazanjian & Andrew Cohen - JLL

This transaction brings together key individuals and companies involved in the deal. While the property's features and financial aspects have already been discussed in the previous paragraph, it is worth noting the collaboration between IDBNY as the lender, Marble Hill Capital Partners as the landlord, and JLL as the brokerage team. These parties played crucial roles in facilitating the successful acquisition of the 165 Eldridge St. & 68 Richardson property.

Players

Marko Kazanjian
71 deals$5.4B volume
BROKER

Max Herzog
Institutional Property Advisors
80 deals$5.4B volume(212) 430-5165
BROKER

Andrew Cohen
Institutional Property Advisors
43 deals$3B volume
BROKER

Meng Lee
4 deals$95.8M volume
LANDLORD

Details

FINANCED
IMAGE: Max Herzog, Marko Kazanjian, Andrew Cohen, Meng Lee, Jeremy Romine & Karim Elsayyad DATE: 07/07/2022 ADDRESS: 165 Eldridge St. & 68 Richardson MARKET: Manhattan & Brooklyn ASSET TYPE: Mixed-use ~ SF: 62,500 LENDER: IDBNY - Jeremy Romine LANDLORD: Marble Hill Capital Partners - Meng Lee & Karim Elsayyad BROKERS: Max Herzog, Marko Kazanjian (@MarkoKaz) & Andrew Cohen (@The_Andrew_Cohen) - JLL (@JLL) LOAN AMOUNT: $27,500,000 LOAN TYPE: Acquisition

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$27,500,000.00

Monthly NOI$183,333.33
Monthly Debt Service$173,818.71
Change in Cash Flow$0.00
Refinance Proceeds$0.00