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
About this deal
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.
On the Map
$3,065,000
$448/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
5.18%
Cash-on-Cash
-1.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93