Cofinance Group Acquires Mixed-Use Property In Midtown East For $10.85M
219 East 59th Street
$7,052,500
$667/SF
Building Size
10,560 SF
Asset Type
Mixed-use
Closing
Mar 11, 2020
About this deal
AI
A mixed-use property located at 219-221 East 59th Street in Midtown East has been sold for a price of $10,850,000. The property consists of 10,560 square feet and includes four residential units and two retail spaces.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $10,850,000
- Loan Amount: $7,052,500 (65% LTV)
- Address: 219-221 East 59th Street
- Market: Midtown East
- Units: 4 residential, 2 retail
The buyer and borrower of the property is Cofinance Group, represented by Mark Winter-Gitelson and Alex de Montebello. The lender in this transaction is Metropolitan Commercial Bank. The deal was facilitated by brokers from TeamOheb and Meridian Capital Group.
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
2.25%
Cash-on-Cash
-0.64%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93