Wen Du Refinances Multifamily Building In Kips Bay, Manhattan For $36M
247 East 28th Street
$36,000,000
$331/SF
Building Size
108,614 SF
Asset Type
MultiFamily
Closing
Dec 28, 2023
AI
Wen Du, operating through MB Grayson LLC, secured a $36 million refinancing loan from the Industrial and Commercial Bank of China for the 128-unit residential elevator building located at 247 East 28th Street in Kips Bay, Manhattan. The multifamily property spans a total square footage of 108,614 and is situated in the desirable neighborhood of Kips Bay, Manhattan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $36,000,000
- Address: 247 East 28th Street
- Market: Kips Bay, Manhattan
- Lender: Amy Tsang-Tong & Teddy Long - Industrial & Commercial Bank Of China
- Landlord: Wen Du
- Loan Type: Refinance
The loan was provided by Amy Tsang-Tong and Teddy Long of the Industrial & Commercial Bank of China. Wen Du, the landlord, obtained the financing through MB Grayson LLC, securing a substantial refinancing loan for the residential building at 247 East 28th Street.
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
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93