Updated Oct 28, 2024
L&M Development Partners Acquires Multifamily Property In East Harlem For $60M Loan
2033 5th Avenue, New York City, New York 10118, United States
$60,000,000
$1,034/SF
Building Size
58,000 SF
Asset Type
MultiFamily
Closing
Jul 12, 2022
About this deal
AI
Located at 2033 Fifth Avenue in East Harlem, this multifamily property spans over 58,000 square feet and consists of 222 units. The property is owned by L+M Development Partners, Ray Community, and Dasha Zhukova.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Loan Type: Construction
PCCP provided a construction loan of $60,000,000 for the development of this property. The lender is playing a crucial role in financing the construction project.
The multifamily loan at 2033 5th Avenue, New York City, New York 10118, United States in New York, New York financed for $60M in 2022. Reported inventory is 58,000 square feet across 222 units, or about 1K per square foot. This page is the New York, New York file for the 2033 5th Avenue, New York City, New York 10118, United States 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 2033 5th Avenue, New York City, New York 10118, United States around 2022. Published consideration for 2033 5th Avenue, New York City, New York 10118, United States is $60M, dated 2022. Cite this L&M Development Partners Acquires Multifamily Property In East Harlem For $60M Loan loan when underwriting similar multifamily product around New York, New York.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93