Updated Dec 4, 2024
LMF Commercial Acquires Multifamily Property In Washington Heights For $10.6M
884 Riverside Drive, Manhattan, New York, NY 10032, USA
$10,575,000
$139/SF
Building Size
75,852 SF
Asset Type
MultiFamily
Closing
Aug 10, 2021
About this deal
AI
Located in Washington Heights, the multifamily property at 884 Riverside Drive has recently been involved in a closed transaction. The property, owned by Lazer Sternhell, was financed with a loan from LMF Commercial (A Lennar Co.), with Nihad Choudhury representing the lender. Isaac Sternhell from IS Realty LLC served as the broker in the deal.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $10,575,000
- Address: 884 Riverside Drive
- Market: Washington Heights
The loan, amounting to $10,575,000, was provided by LMF Commercial (A Lennar Co.). The loan terms included a 10-year fixed period with a 5-year interest-only period. Nihad Choudhury represented the lender in the transaction. Lazer Sternhell, the owner of the property, enlisted the services of Isaac Sternhell from IS Realty LLC as the broker.
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
1.50%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93