Dime Community Bank Provides $3.065M Loan For Mixed-Use Property In Hell's Kitchen
776 9th Avenue, Manhattan, New York, NY, USA
$3,065,000
$448/SF
Building Size
6,828 SF
Asset Type
Mixed-use
Closing
Mar 10, 2019
AI
A mixed-use property located at 776 9th Avenue in Hells Kitchen has recently undergone a loan transaction. The property spans across 6,828 square feet and is owned by Lags Realty LLC, represented by Michael Lags. The loan, amounting to $3,065,000, was provided by Dime Community Bank, with Charlie Terrasi acting as the lender's representative.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $3,065,000
- Address: 776 9th Avenue
- Market: Hells Kitchen
- Square Footage: 6,828
- Landlord: Lags Realty LLC - Michael Lags
- Lender: Dime Community Bank - Charlie Terrasi
- Loan Terms: 7+5
The key individuals involved in this loan transaction are Charlie Terrasi, representing Dime Community Bank, and Michael Lags, who acts as the representative of Lags Realty LLC.
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
5.18%
Cash-on-Cash
-1.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93