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CRONHEIM MORTGAGE ARRANGES $2,500,000 FINANCING FOR MIXED USE BUILDING IN NEW YORK, NY
New York, NY
- Andrew Stewart and Dev Morris of Cronheim Mortgage have arranged a
$2,500,000 permanent mortgage secured by two contiguous
apartment-over-retail buildings located on East 58th Street, near the corner
of 3rd Avenue in Manhattan. The 10 year loan carries a 30 year amortization
and was funded by one of Cronheim's correspondent life insurance company
lenders.
The property
is a four-story, walk-up building in a prime midtown Manhattan location on
58th Street at 3rd Avenue. The building is 100% leased to two residential
tenants on the 3rd and 4th floors, with two commercial tenants occupying the
2nd, ground, and basement levels. Mia Dona, the restaurant owned by
celebrity chef and restauranteur Donatella Arpaia, occupies the ground floor
and is known for its Meatball Wagon, serving $7 meatball sandwiches during
weekday lunch hours to long lines of office workers in the neighborhood. Ann
Sacks Tile & Stone, a division of Kohler, occupies 1,760 square feet of
space on the first floor and 2,640 square feet of space directly above on
the second floor. The property is located directly across from the D&D
building which makes this an ideal location for this tenant. The apartments
are large duplexes, each with their own private entrances from the street,
and each containing 2,640 square feet, a rarity in Midtown East. |
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