Updated Oct 28, 2024
GAIA Real Estate Secures $36M Acquisition Loan For East Village Multifamily Property
50-58 East 3rd Street, Manhattan, New York, NY, USA
$36,000,000
$686/SF
Building Size
52,481 SF
Asset Type
MultiFamily
Closing
Aug 26, 2021
About this deal
AI
Located in the East Village market, the multifamily property at 50-58 E. 3rd Street recently underwent a closed transaction. Spanning across approximately 52,481 square feet, the property comprises 71 units. The deal was facilitated by Scott Aiese, Danny Fishman, and Alex Staikos, as seen in the Instagram post by JLL on August 26, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $36,000,000
- Lender: Bank of America - Jessica Fritts
- Landlord: GAIA Real Estate - David Kusy
- Brokers: Scott Aiese & Alex Staikos @JLL
- Loan Type: Acquisition Loan
- Loan Terms: Floating Rate
The loan amount secured for this transaction was $36,000,000, provided by Bank of America and overseen by Jessica Fritts. GAIA Real Estate, represented by David Kusy, served as the landlord. The acquisition loan was facilitated by Scott Aiese and Alex Staikos from JLL. Noteworthy to mention, the terms of the loan were based on a floating rate.
On the Map
$36,000,000
$686/SF
MultiFamily
View full map
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Alex Staikos to view all their deals.
Browse New York multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93