Updated Dec 4, 2024
Emerald Creek Capital Provides $52 Million Construction Loan For Midtown Condo At 133 East 55th Street
133 East 55th Street
$52,000,000
$1,131/SF
Building Size
45,944 SF
Asset Type
MultiFamily
Closing
Aug 8, 2024
About this deal
AI
The property involved in this transaction is a condo located at 133 East 55th Street in the Midtown market, with a total square footage of 45,944. The loan amount secured for this asset is $52,000,000 under a construction loan type.
Summary of transation details:
- Property Type: Condo
- Transaction Amount: $52,000,000
- Lender: Emerald Creek Capital
- Lender's Representatives: Jeff Seidler, Dean Wang & Dustin Tenenbaum
- Landlord: Sergey Rybak, Jason Reznik & Andrew Shavrin - Rybak Development & Simon Veys - BK Developers
- Brokers: Aaron Niedermayer & Robert Tonnessen - JLL
This transaction was facilitated with the involvement of key representatives from Emerald Creek Capital and Rybak Development, indicating a collaborative effort towards the property development represented by the brokers from JLL. The deal underscores the strategic partnerships within the real estate market.
On the Map
$52,000,000
$1,131/SF
MultiFamily
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Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93