Today's Deals: 9-Unit Manhattan Condo Hits Market for $22.8M
A newly constructed Manhattan luxury condo hits the market; Centerline Capital Group provides financing for two Chicago properties; and Alliant refinances a 20-unit property for $1.88M and 4.74 percent interest rate.
New York—A newly constructed high-end 10-story condominium located on Manhattan’s Upper West Side at 208 W. 96th Street, whose residential component is 100 percent vacant but whose 2,433 square feet of ground floor retail space is fully leased to H & R Block, is on the market for sale through Eastern Consolidated. The asset is priced at $22.8 million.
Eastern Consolidated Principal/Senior Director, David Schechtman, Esq. with Directors Marion T. Jones and Lipa Lieberman and Director, Financial Services, Gary Meese, are exclusively in the market to sell the 10-story property, built to world class standards and offering full floor apartments available for immediate use, lease or sale as condominiums. The seller is Catalpa Development.
According to Schechtman, “For institutional owners and users seeking accommodation to house and/or reward their personnel or guests in a five-star residence, this boutique residential building would be ideal. Benefitting from a 421-A tax abatement, 208 W. 96th Street’s location is stellar—steps from Central and Riverside Parks, the 1, 2, and 3 subway lines which converge at a recently renovated station on West 96th Street and Broadway, Symphony Space and a wide diversity of ethnic dining establishments.”
Completed this year and situated on the south side of West 96th Street, floors 2-10 contain nine full-floor residential units averaging 2,000 square feet with 9-ft ceilings. All nine units contain three bedrooms and three full bathrooms and each features its own private Juliet balcony. All units also contain rear porches and the penthouse has a dedicated rooftop area. In addition, the building offers a 900-square-foot common roof deck with views of the Upper West Side cityscape, Central Park and the Hudson River.
“The Upper West Side has a very special caché,” says Jones. “A vibrant area attracting a mix of well-heeled residents, businesses and tourists and offering elegant pre-war buildings along wide boulevard-like avenues, the neighborhood continues to be one of New York City’s most desirable. We anticipate wide investor interest in this exclusive offering.”
Centerline finances two Chicago properties
Chicago—Centerline Capital Group has financed two neighboring properties on North California Avenue in Chicago’s North Side. The total commitment is approximately $6 million.
Both properties are fully leased and located near the Bucktown-Logan Square neighborhoods. 2024 North California Avenue was built in 2010. The $3.2 million provided by Centerline replaced the borrower’s acquisition and construction debt with a long-term, non-recourse loan. The four story property has 20 units.
The second property is an 18-unit, four-story building located at 2064 North California Avenue. The asset was built in 2008. Centerline provided a $2.5 million loan that refinanced existing bank debt.
Year to date, Centerline has financed $675 million in multifamily properties across the United States.
Alliant refis 20-unit property for $1.88M and 4.74% interest rate
West Hollywood, Calif. — Alliant Capital LLC, a leading debt and equity financier and Fannie Mae DUS and FHA lender for the multifamily industry, announced the $1,880,000 refinance of a 20-unit garden style multifamily property located in West Hollywood, Calif.
The Fannie Mae DUS Small Loan refinance was closed on December 15, 2011 with a 4.740 percent interest rate and a 10-year fixed rate term with 30-year amortization. “The borrower has taken advantage of the historical long term low rates currently being offered by Alliant/Fannie Mae. This rate of 4.740 percent on a 10-year fixed product has not been seen in the last 20 years” says Don Frankman, Alliant’s Director of Small Loan Origination in Orange, California.