Updated May 19, 2026
Drew Popkin Of Highpoint Property Group Refinances East Village Multifamily Asset For $11 Million
174 176 1st Avenue
$11,000,000
$995/SF
Building Size
11,057 SF
Asset Type
MultiFamily
Closing
Dec 8, 2025
About this deal
AI
The asset involved in the transaction is a multifamily property located at 174-176 1st Avenue in the East Village, Manhattan. The building features a total building square footage of 13,364 square feet and a usable space of 11,057 square feet. A refinance loan of $11,000,000 was secured for this property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,000,000
- Lender: Valley National Bank
- Landlord: Drew Popkin - Highpoint Property Group
- Loan Type: Refinance
The refinancing process involved Highpoint Property Group, led by Drew Popkin, replacing prior debt from Webster Bank with new financing through Valley National Bank. This transaction highlights the strategic financial management undertaken by Highpoint Property Group for their seven-unit walkup in the East Village.
On the Map
$11,000,000
$995/SF
MultiFamily
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New York MultiFamily Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93