Hirshmark Capital Acquires $5.4M Note On Chelsea Retail Building
56 9th Avenue
$5,400,000
Building Size
—
Asset Type
Note / Loan
Closing
Jun 20, 2023
About this deal
AI
The transaction involved a note secured by K2, a retail building located at 56 Ninth Avenue, in the Chelsea market of Manhattan. Hirshmark Capital acquired this note from BankUnited for a price of $5,400,000.
Summary of transaction details:
- Property Type: Note
- Transaction Amount: $5,400,000
- Buyer: Hirshmark Capital
- Seller: BankUnited
- Property Address: 56 Ninth Avenue
- Market: Chelsea, Manhattan
Gregory Sherry and Marc Sherry are the owners of the retail building K2, which secures the note acquired in this transaction. The deal signifies a direct interaction between the financial institutions and the property owners.
Players
Brisbane Note / Loan Market Snapshot
Boundary boundary · Note / Loan · Sale transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.94%
Cash-on-Cash
-0.84%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93