Updated Oct 28, 2024
Margules Properties Secures $14M Loan On Lenox Hill Multifamily Properties
1500 1st Avenue, New York City, New York 10075, United States
$14,000,000
$603/SF
Building Size
23,206 SF
Asset Type
MultiFamily
Closing
Aug 8, 2022
About this deal
AI
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.
On the Map
$14,000,000
$603/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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93