Flushing Bank Provides $1.2M Loan For Mixed-Use Property In Kips Bay, Manhattan
607 2nd Avenue, Manhattan, New York, NY, USA
$1,200,000
$287/SF
Building Size
4,172 SF
Asset Type
Mixed-use
Closing
Dec 6, 2018
About this deal
AI
Located in the Kips Bay neighborhood of Manhattan, the mixed-use property at 607 2nd Ave has recently undergone a closed transaction. Spanning across 4,172 square feet, this property offers a versatile space for both residential and commercial purposes. The deal was facilitated by Brian Barkley of HKS Real Estate Advisors.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $1,200,000
- Loan Terms: 4.5%, 5-year term
- Lender: Flushing Bank
- Landlord: Anna Coniglio of 607 2nd Ave Realty LLC
- Broker: Brian Barkley of HKS Real Estate Advisors
Anna Coniglio, as the landlord, oversaw the transaction on behalf of 607 2nd Ave Realty LLC. The loan was provided by Flushing Bank, with a loan amount of $1,200,000 and attractive terms of 4.5% interest rate for a 5-year term. Brian Barkley of HKS Real Estate Advisors represented the parties involved. This closed transaction signifies another successful deal in the Kips Bay market.
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
13.22%
Cash-on-Cash
-3.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93