UI Kun Lee Acquires Retail Property In Midtown Manhattan For $10M
147 West 46th Street, New York, NY 10036, USA
$10,000,000
$717/SF
Building Size
13,944 SF
Asset Type
Retail
Closing
Oct 22, 2018
About this deal
AI
Located at 147-149 West 46th Street, the retail property was involved in a recent transaction. The loan amount secured for this asset was $10,000,000, with a total square footage of 13,944. The deal included UI Kun Lee as the owner, Terra Nova Properties as the seller, and JP Morgan Chase as the lender. Brian Flax and Blake Orman from Meridian Capital Group served as the mortgage brokers for this transaction.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $10,000,000
- Owner: UI Kun Lee
- Seller: Terra Nova Properties
- Lender: JP Morgan Chase
- Mortgage Brokers: Brian Flax and Blake Orman @meridian.capital.group
- Address: 147-149 West 46th Street
- Square Footage: 13,944
Brian Flax and Blake Orman from Meridian Capital Group played a crucial role in facilitating the loan for this property transaction. Their expertise in structuring real estate deals was instrumental in securing the financing provided by JP Morgan Chase.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93