Updated Oct 29, 2024
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
About this deal
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.
On the Map
$4,500,000
$2,556/SF
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
3.53%
Cash-on-Cash
-1.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93