Updated Mar 26, 2026
Empire Management Secures $23.5 Million Refinance Loan From Wells Fargo For Multifamily Asset
3 West 36th Street
$23,500,000
$342/SF
Building Size
68,721 SF
Asset Type
MultiFamily
Closing
Mar 17, 2026
About this deal
AI
The asset involved in this transaction is a 72-unit residential elevator building located at 3 West 36th Street in Manhattan's Garment District. The property has a total square footage of 68,721 and has been refinanced with a loan amount of $23,500,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $23,500,000
- Address: 3 West 36th Street
- Market: Garment District, Manhattan
- Lender: Wells Fargo
- Landlord: Fred Ohebshalom - Empire Management
- Previous Loan Amount: $19,800,000
- Previous Lender: Flagstar Bank
Empire Management, represented by Century 3w36-At LLC, completed the refinance, replacing the previous debt held by Flagstar Bank. This transaction emphasizes the strategic financial maneuvering within the New York multifamily market.
On the Map
$23,500,000
$342/SF
MultiFamily
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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
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93