Updated Oct 28, 2024
Morgan Stanley Provides $19.25M Acquisition Loan For Mixed Use Property On Third Avenue
419 3rd Avenue, New York City, New York 10016, United States
$19,250,000
$1,110/SF
Building Size
17,334 SF
Asset Type
MultiFamily
Closing
Jan 21, 2022
About this deal
AI
The recent transaction involved the acquisition of a mixed-use property located at 419-423 Third Avenue in New York, NY. The property spans approximately 29,729 square feet and consists of twenty-eight residential units and a ground floor commercial space occupied by Simon's Hardware & Bath.
Summary of transation details
- Property Type: Mixed Use
- Transaction Amount: $19,250,000
- Loan Type: Acquisition
- Loan Amount: $19,250,000
- Loan Terms: The acquisition was financed with a 10-year loan from Morgan Stanley. The loan features a fixed interest rate of 3.97% and includes three years of interest-only payments.
- BROKERS: Bryan Manz, Emil DePasquale, & George Pektor from lackBearCapitalPartners
The transaction was facilitated by Bryan Manz, Emil DePasquale, & George Pektor of lackBearCapitalPartners. They represented the parties involved in the deal, ensuring a successful acquisition of the property.
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
0.82%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93