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Margules Properties Secures $14M Loan On Lenox Hill Multifamily Properties

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FINANCED
$14,000,000

New York

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MultiFamily23,206 SF
Financed 08/09/2022
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Property Image
FINANCED

Margules Properties Secures $14M Loan On Lenox Hill Multifamily Properties

1500 1st Avenue, New York City, New York 10075, United States

See Similar Deals
MultiFamily23,206 SF
Financed 08/09/2022
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$603
Total Square Footage:23,206 SF
Transaction Type:Loan

Three properties located at 1500 First Avenue, 1502 First Avenue, and 401 East 78th Street in Lenox Hill have been involved in a recent closed transaction. The multifamily asset, spanning approximately 23,206 square feet, attracted attention from various parties in the market.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $14,000,000
  • Loan: Flushing Bank
  • Landlord: Margules Properties

Eric Margules represented Margules Properties in this deal, while Flushing Bank acted as the lender. These key individuals and companies played important roles in finalizing this transaction.

Players

Flushing Bank
Flushing Bank
LENDER
MP
Margules Properties
LANDLORD

Details

FINANCED
IMAGE: Eric Margules DATE: 08/09/2022 ADDRESS: 1500 First Avenue,1502 First Avenue & 401 East 78th Street MARKET: Lenox Hill ASSET TYPE: Multifamily ~ SF: 23,206 LENDER: Flushing Bank LANDLORD: Margules Properties LOAN AMOUNT: $14,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$14,000,000.00

Monthly NOI$93,333.33
Monthly Debt Service$88,489.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00