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5101 Fashion Drive

Updated Apr 21, 2026

FINANCEDSelf Storage

Joseph A Farkas Of Metropolitan Realty Associates Secures $32.8M Refinance From IDB Bank In Nanuet

5101 Fashion Drive

$32,800,000

Building Size

—

Asset Type

Self Storage

Closing

Apr 21, 2026

About this deal

AI

The asset involved in this transaction is a self-storage facility located at 5101 Fashion Drive in Nanuet. The property was previously a Macy’s and underwent a retail-to-self-storage conversion. The transaction involves a loan amount of $32,800,000 which was secured through refinancing. The lending institution for this deal is IDB Bank.

Summary of transation details:

  • Property Type: Self Storage
  • Transaction Amount: $32,800,000
  • Lender: IDB Bank
  • Landlord: Joseph A Farkas - Metropolitan Realty Associates
  • Previous Loan Amount: $22,800,000
  • Address: 5101 Fashion Drive
  • Market: Nanuet
  • Loan Type: Refinance

Joseph A Farkas, representing Metropolitan Realty Associates, is the landlord involved in this refinancing transaction. The refinancing serves to replace an existing loan to support the converted property's new use. This transaction reflects ongoing adjustments within the Nanuet market to adapt retail spaces into self-storage solutions.

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$32,800,000

Self Storage

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Players

IDB Bank
IDB BankLender
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Nanuet 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

0.48%

Cash-on-Cash

-0.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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