Jordan Errico Secures $12.9M Refinance Loan From Flagstar Bank For Retail Condominium At 250 East 54th Street, Midtown East
250 East 54th Street New York, New York 10022, USA
$12,900,000
$784/SF
Building Size
16,442 SF
Asset Type
Retail
Closing
May 9, 2023
AI
Jordan Errico secured a refinance loan valued at $12.9 million from Flagstar Bank for the retail condominium located at 250 East 54th Street in Midtown East, Manhattan. The retail space, spanning 16,442 square feet, is occupied by Equinox, a gym.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $12,900,000
- Address: 250 East 54th Street
- Market: Midtown East, Manhattan
- Loan Type: Refinance
- Lender: Flagstar Bank - Alan L. Kaufman
- Landlord: Jordan Errico
Alan L. Kaufman from Flagstar Bank acted as the lender in the refinance loan transaction for the retail condominium at 250 East 54th Street. Jordan Errico, the landlord, secured the loan to refinance the property, which is currently occupied by Equinox.
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
1.23%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93