Updated Sep 11, 2026
Flatiron Equities & Mequity Companies Secures $50.2 Million Construction Loan For Midtown South Conversion
152 West 36th Street
$50,200,000
$668/SF
Building Size
75,082 SF
Asset Type
Self Storage
Closing
Sep 10, 2024
About this deal
AI
The property asset involved in this transaction is located at 152 West 36th Street in the Midtown South market. It features a conversion to self-storage with a total square footage of 75,082 and comprises 1,469 units. The loan amount associated with this project is $50,200,000, categorized as a construction loan.
Summary of transation details:
- Property Type: Conversion to Self-Storage
- Transaction Amount: $50,200,000
- Lender: Elsee Partners
- Landlord: Flatiron Equities & Mequity Companies
- Brokers: Dylan Kane, Zach Redding & Peter Nicoletti - Colliers
The transaction involves key producers in the real estate market, including parties such as Flatiron Equities and Mequity Companies, acting as the landlords. The brokerage team from Colliers, consisting of Dylan Kane, Zach Redding, and Peter Nicoletti, played a significant role in facilitating this deal.
On the Map
$50,200,000
$668/SF
Self Storage
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Players
New York Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93