Principal Real Estate Investors Provides $37.5M Loan For Mixed-Use Property At 3 E 28th St
3 East 28th Street, New York, NY 10016, USA
$37,500,000
$564/SF
Building Size
66,447 SF
Asset Type
Mixed-use
Closing
May 1, 2019
About this deal
AI
The mixed-use property located at 3 E 28th St has recently undergone a closed transaction. The property, spanning a total of 66,447 square feet, was involved in a deal with various key individuals and companies.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $37,500,000
- Date: 05/02/2019
- Address: 3 E 28th St
- Lender: Principal Real Estate Investors
- Landlord: Winter Properties
- Brokers: Cooper-Horowitz (Richard Horowitz, David Horowitz, and Justin Horowitz), Principal Real Estate (Rob Dirks), Winter Properties (Jay Stark)
- Loan Terms: 10-year fixed-rate
The lender for this transaction was Principal Real Estate Investors, while the landlord involved was Winter Properties. Cooper-Horowitz, represented by Richard Horowitz, David Horowitz, and Justin Horowitz, played a significant role as brokers in the deal. They were joined by Rob Dirks from Principal Real Estate and Jay Stark from Winter Properties as representatives for their respective companies.
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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93