Webster Bank Provides $9.2M Loan For Mixed-Use Property On Lenox Avenue In Central Harlem
321 Lenox Avenue, New York, NY, 10027
$9,200,000
$323/SF
Building Size
28,426 SF
Asset Type
Mixed-use
Closing
Apr 28, 2022
About this deal
AI
The mixed-use property located at 321 Lenox Avenue in Central Harlem, Manhattan has recently undergone a transaction. The property spans approximately 28,426 square feet and includes both residential and commercial spaces.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $9,200,000
- Address: 321 Lenox Avenue
- Market: Central Harlem, Manhattan
The lender involved in this transaction is Webster Bank, represented by Lou Fitzgerald. The loan provided for the acquisition of the property has a value of $9,200,000. The loan terms consist of a 2-year interest-only period followed by 5 years fixed, and it is non-recourse. The landlords of the property are OSTB 321 Lenox Avenue, with Eran Nornberg serving as its CEO. The brokers involved in this deal are Matt Swerdlow and Matthew Dzbanek, who represent Ariel Property Advisors.
On the Map
$9,200,000
$323/SF
Mixed-use
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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
1.72%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93