Wells Fargo Bank Provides $46.5M Loan For Multifamily Property In Carnegie Hill
1680 3rd Avenue, Manhattan, New York, NY, USA
$46,472,000
$191/SF
Building Size
242,157 SF
Asset Type
MultiFamily
Closing
Dec 9, 2020
AI
Howard Milstein obtained a loan for a multifamily property located at 1680 3rd Avenue in the Carnegie Hill market. The property consists of 280 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $46,472,000
- Loan Lender: Wells Fargo Bank
- Landlord: Milstein Properties
Howard Milstein secured a loan of $46,472,000 from Wells Fargo Bank to finance the multifamily property at 1680 3rd Avenue. Milstein Properties serves as the landlord for this asset.
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
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93