Updated Dec 4, 2024
Slate Property Group Secures $61.2M Acquisition Loan In Chelsea Multifamily Deal
301 West 22nd Street, New York City, New York 10011, United States
$61,250,000
$846/SF
Building Size
72,338 SF
Asset Type
MultiFamily
Closing
Jul 10, 2022
About this deal
AI
The multifamily property located at 301 West 22nd St., 300 West 21 St., and 229 West 20th St. in Chelsea has undergone a loan transaction. The property spans approximately 73,000 square feet and comprises 94 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $61,250,000
- Address: 301 West 22nd St., 300 West 21 St., and 229 West 20th St.
- Market: Chelsea
Slate Asset Management, represented by Anthony Candela, served as the lender for this acquisition loan. The landlord, Slate Property Group, represented by Martin Nussbaum, facilitated the transaction. The deal was negotiated by Dustin Stolly, Jordan Roeschlaub, and Daniel Fromm of Newmark.
On the Map
$61,250,000
$846/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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93