Updated Feb 28, 2025
L&M Development Partners & Invesco Acquires Multifamily Properties In Harlem For $823M
1295 5th Ave, New York, NY 10029, USA
$823,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 23, 2019
About this deal
AI
L+M Development Partners and Invesco US have completed a significant multifamily transaction in Harlem, with properties located at 3333 Broadway, 1295 Fifth Avenue, 1990 and 1890 Lexington Avenue, and 1940 First Avenue. The total loan amount for this deal was $823,000,000, which was provided by Wells Fargo.
Summary of transaction details
- Property Type: Multifamily
- Loan Amount: $823,000,000
- Address: 3333 Broadway, 1295 Fifth Avenue, 1990 and 1890 Lexington Avenue, 1940 First Avenue
- Market: Harlem
The transactions were facilitated by brokers Doug Harmon, Adam Spies, and Josh King. Their expertise and connections played a crucial role in ensuring the successful completion of this deal.
On the Map
$823,000,000
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
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93