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521 W 48th St, New York, NY...

Updated Mar 11, 2025

Marcus & Millichap Secures $15M Loan For MultiFamily Property In Hell's Kitchen
FINANCEDMultiFamily

Marcus & Millichap Secures $15M Loan For MultiFamily Property In Hell's Kitchen

521 W 48th St, New York, NY, 10036

$15,000,000

Units

45

Asset Type

MultiFamily

Closing

Nov 22, 2023

About this deal

AI

The multifamily property at 521-523 W. 48th Street in New York, NY, 10036, is a 45-unit building located in the Hell’s Kitchen neighborhood. Originally built in 1940, this property has recently undergone a refinancing deal with a loan amount of $15,000,000.00. The loan was arranged by Marcus & Millichap Capital Corp on behalf of an undisclosed borrower. The financing involved a seven-year term, a 3.1 percent fixed interest rate, and a 75 percent loan-to-value ratio.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $15,000,000.00
  • Address: 521 W 48th St, New York, NY, 10036
  • Market: New York
  • Borrower's Rep: Steven Rock(Marcus & Millichap)
  • Lender: Unknown life insurance company

Steven Rock and Christopher Marks of Marcus & Millichap played significant roles in arranging the $15 million loan for the multifamily property at 521-523 W. 48th Street. The undisclosed borrower was represented by Steven Rock in this refinancing deal with an unknown life insurance company providing the loan. This financing involved favorable terms, ensuring a beneficial outcome for the borrower in the Hell’s Kitchen neighborhood of New York.

Players

Steven Rock

Marcus & Millichap

Broker

$60.5M

vol

5 deals

Broker
Uc
Unknown life insurance companyLender

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

1.06%

Cash-on-Cash

-0.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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