Steve Cheung Secures $6.75M Loan For Office Building In Chinatown, Bowery
89 Bowery, New York, NY, USA
$6,750,000
$2,142/SF
Building Size
3,150 SF
Asset Type
Office
Closing
Jul 29, 2020
AI
Located in Chinatown, the office property at 89 Bowery has recently undergone a transaction. The deal, which closed on July 29, 2021, involved a loan amount of $6,750,000. The property is owned by Steve Cheung.
Summary of transation details
- Property Type: Office
- Transaction Amount: $6,750,000
- Address: 89 Bowery
- Market: Chinatown
The loan for this transaction was provided by Maxim Capital Group, with Josh Greene and Adam Glick representing the company. The broker handling the deal was Joe Hach from eviathanCapital.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.35%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93