Updated Oct 28, 2024
Sterling National Bank Provides $13.6M Loan For Multifamily Property In Manhattan Valley
300 Manhattan Ave, New York, NY, USA
$13,600,000
Building Size
—
Asset Type
MultiFamily
Closing
May 27, 2020
About this deal
AI
The property involved in this closed transaction is a multifamily asset located at 300 Manhattan Ave. & 315 West 113th Street in Manhattan Valley. The loan for this property was provided by Sterling National Bank, with a total amount of $13,600,000. The term of the loan is 2.75%, with a 1-year interest-only period for 7 years.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $13,600,000
- Address: 300 Manhattan Ave. & 315 West 113th Street
- Market: Manhattan Valley
The landlord of the property is Bluestar Properties, represented by Jeff Pikus. The brokers involved in this deal are Shamir Seidman and Daniel Neiss from Meridian Capital Group.
On the Map
$13,600,000
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
1.17%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93