Updated Oct 28, 2024
New York Community Bank Provides $35.6M Refinance Loan On Washington Heights & Midtown Multifamily
660 Fort Washington Avenue, Manhattan, New York, NY, USA
$35,600,000
$184/SF
Building Size
192,988 SF
Asset Type
MultiFamily
Closing
Apr 27, 2021
About this deal
AI
The recently closed transaction involved the refinancing of a multifamily property located at 226 East 53rd Street and 615, 640, and 660 Ft Washington Avenue. The property is situated in the Washington Heights and Midtown markets, offering a total square footage of 192,988. The property comprises 190 units, making it a significant investment in the area.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $35,600,000
- Address: 226 East 53rd Street & 615, 640 & 660 Ft Washington Avenue
- Market: Washington Heights & Midtown
- Lender: New York Community Bank
- Landlord: Empire Management
New York Community Bank provided a loan of $35,600,000 to assist with the refinancing of the property. Empire Management, the landlord, played a significant role in negotiating and finalizing the deal. This transaction demonstrates the continued investment and development in the Washington Heights and Midtown areas.
On the Map
$35,600,000
$184/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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93