Updated Oct 29, 2024
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
About this deal
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.
The multifamily loan at 1680 3rd Avenue, Manhattan, New York, NY, USA in New York, New York financed for $46.5M in 2020. The building is 242,157 square feet, implying about 191 per square foot on the published price. This page is the New York, New York file for the 1680 3rd Avenue, Manhattan, New York, NY, USA multifamily financed: pricing, party profiles, and other closed multifamily comps from the same New York sit in the Market section below. Filter that New York multifamily set by closing date to see what else financed near 1680 3rd Avenue, Manhattan, New York, NY, USA around 2020. Published consideration for 1680 3rd Avenue, Manhattan, New York, NY, USA is $46.5M, dated 2020. Cite this Wells Fargo Bank Provides $46.5M Loan For Multifamily Property In Carnegie Hill loan when underwriting similar multifamily product around New York, New York.
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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