Updated Dec 4, 2024
Fortress Investment Group Provides $48.8M Loan For East Village Mixed-use And Multifamily Acquisition
81-83 Saint Mark's Place, New York City, New York 10003, United States
$48,758,296
Units
38
Asset Type
MultiFamily
Closing
Oct 8, 2022
About this deal
AI
Located in the vibrant East Village of Manhattan, a mixed-use and multifamily property at 81-83 St. Marks Place, 167 1st Avenue, and 165 1st Avenue recently underwent a successful transaction. This property spans a total square footage of 54,784 and comprises a diverse range of units.
Summary of transaction details
- Property Type: Mixed-use & Multifamily
- Transaction Amount: $48,758,296
- Market: East Village, Manhattan
- Lender: Fortress Investment Group - Jennifer Sorkin
- Landlord: Meadow Partners & Davean Holdings
Leading the deal as the lender, Fortress Investment Group, represented by Jennifer Sorkin, provided a loan amount of $48,758,296 for the acquisition. The property consists of 38 units, offering a mix of residential and commercial spaces. Meadow Partners and Davean Holdings served as the landlords in this transaction.
On the Map
$48,758,296
MultiFamily
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Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93