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158 West 23rd Street

KSR Refinances Retail Condo In Chelsea, Manhattan For $1.5M
FINANCEDRetail

KSR Refinances Retail Condo In Chelsea, Manhattan For $1.5M

158 West 23rd Street

$1,500,000

$750/SF

Building Size

2,000 SF

Asset Type

Retail

Closing

Jan 31, 2024

AI

The retail property located at 158 West 23rd Street in Chelsea, Manhattan has been the subject of a refinancing transaction. The property, which spans 2,000 square feet, is owned by KSR. The loan amount for this refinance is $1,500,000. The terms of the loan are set at 5/25 with an interest rate of 275 basis points plus the 5-year U.S. Treasury (UST) yield.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $1,500,000
  • Address: 158 West 23rd Street
  • Market: Chelsea, Manhattan
  • Square Footage: 2,000 SF
  • Landlord: KSR

Morris Dweck from KSR served as the broker in this transaction. The refinance was made possible through a local balance sheet lender, which provided a competitive interest rate. It is worth noting that the retail condo is currently occupied by a licensed Cannabis tenant. For inquiries regarding Cannabis or traditional financing, interested parties can reach out to Morris Dweck at [email protected].

Players

Morris Dweck

Kassin Sabbagh Realty

Broker

$382.3M

vol

32 deals

Broker

New York Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

10.58%

Cash-on-Cash

-3.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93