Astor & Rowe Secures $8 Million Acquisition Loan For 330-334 East 59th Street Conversion

The asset involved in the transaction is a multifamily property located at 330-334 East 59th Street, situated in the Sutton Place market. The property encompasses a total square footage of 38,440 and consists of 24 units. The acquisition loan secured for this property amounts to $8,000,000.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $8,000,000
• Address: 330-334 East 59th Street
• Market: Sutton Place
• Asset Size: 38,440 SF
• Units: 24
• Lender: Derby Copeland
• Borrower: Astor & Rowe
• Landlord's Representative: Michael Lohan, Alex Cabeca & Zubair Khan - Nineteen Blocks
• Borrower's Attorney: Bryan Anderson - Anderson Law

Michael Lohan, Alex Cabeca, and Zubair Khan of Nineteen Blocks represented Astor & Rowe in securing the acquisition loan for the office-to-residential conversion of the property. This acquisition aligns with Astor & Rowe's strategy to convert middle-market office buildings into high-end multifamily properties.