Updated Oct 29, 2024
Witnick Real Estate Refinances Kips Bay Multifamily Building For $6.2M With Arbor Realty Trust
212 East 29th Street, New York, NY, 10016
$6,200,000
$655/SF
Building Size
9,460 SF
Asset Type
MultiFamily
Closing
May 11, 2023
About this deal
AI
Witnick Real Estate Partners recently refinanced a 13-unit residential building in Kips Bay, Manhattan for a loan amount of $6.2 million. The property, located at 212 East 29th Street, spans a total area of 9,460 square feet. Arbor Realty Trust provided the refinancing loan for this multifamily asset.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,200,000
- Units: 13
- Square Footage: 9,460
- Address: 212 East 29th Street
- Market: Kips Bay, Manhattan
The lender for this refinancing deal is Arbor Realty Trust, with Isaac Abraham representing the company. On the other hand, the landlord, Witnick Real Estate Partners, was represented by Kenneth Dowling, confirming that the transaction was successfully completed.
On the Map
$6,200,000
$655/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93