KLF Corp Acquires Multifamily Property In Lower East Side With $4.5M Loan From Morgan Stanley
52 Ludlow Street, Manhattan, New York, NY, USA
$4,500,000
$2,556/SF
Building Size
1,760 SF
Asset Type
MultiFamily
Closing
Feb 22, 2021
AI
Located at 52 Ludlow Street in the Lower East Side, this multifamily property was recently involved in a transaction. The property is owned by KLF Corp and managed by Michael Fung.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,500,000
- Loan Lender: Morgan Stanley
- Landlord: KLF Corp - Michael Fung
- Brokers: Bryan Manz & Phil Bowman @BlackBearCapitalPartners
The loan for this transaction was provided by Morgan Stanley. It was a fixed rate loan with an interest rate of 3.33%. The loan term is ten years with full-term, interest-only payments.
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
3.53%
Cash-on-Cash
-1.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93