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305 E 61st St, New York, NY...

PCCP Provides $55M Loan For Mixed-Use Property At 305 East 61st Street In Lenox Hill
FINANCEDMultiFamily

PCCP Provides $55M Loan For Mixed-Use Property At 305 East 61st Street In Lenox Hill

305 E 61st St, New York, NY 10065, USA

$30,000,000

$45/SF

Building Size

662,340 SF

Asset Type

MultiFamily

Closing

Mar 30, 2020

AI

The mixed-use property located at 305 East 61st Street in Lenox Hill has been involved in a recent closed transaction. Spanning an impressive 66,237 square feet, this property offers a dynamic space for various purposes.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $55,000,000
  • Address: 305 East 61st Street
  • Market: Lenox Hill
  • Lender: PCCP
  • Landlord: Forkosh Development Group
  • Loan Date: 07/08/2022

The loan for this transaction, amounting to $55,000,000, was provided by PCCP. The landlord in this deal is the Forkosh Development Group. The transaction took place on 07/08/2022, marking an important milestone for the parties involved.

Players

Charles Yellen

HKS Real Estate Advisors

Broker

$50.3M

vol

2 deals

Broker
Rosewood Realty Group
Rosewood Realty GroupBrokerage
SKW Funding
SKW FundingLender

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.53%

Cash-on-Cash

-0.15%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93