Cornerstone Capital Of NY Facilitates $6.5M Loan For Harlem Storage Facility On East 124th Street

This transaction involves a storage facility located at 166 East 124th Street in Harlem. The facility spans 30,400 square feet and is owned by Randelle Blume.

Summary of transaction details:

• Property Type: Storage Facility
• Transaction Amount: $6,500,000
• Market: Harlem
• Address: 166 East 124th Street
• Loan Terms: 10-Year Interest Only SWAP Product

The brokers involved in this deal are Russell Nova and Omry Azar from Cornerstone Capital of NY. They represented the parties involved in the transaction, including the landlord and the borrowers. The loan amount secured for this deal was $6,500,000, with a 10-year interest-only SWAP product.

It's worth noting that this property sits on a 50-year ground lease and is fully leased to a storage facility. Cornerstone Capital of NY played a crucial role in ensuring a seamless cashout process for the sponsorship, applying their expertise as ground lease specialists to provide true value add to ownership.

For further information, you can contact Russell Nova at 917-559-1820 or [email protected], and Omry Azar at 609-731-9906 or [email protected].