Cronheim Mortgage has secured $9.1 million in permanent financing for two mixed-use buildings in NYC. Andrew Stewart, Dev Morris, and Allison Villamagna placed the financings with Farm Bureau Life Insurance Company, whom Cronheim represents as correspondent and servicer.
351 Amsterdam Avenue was financed for $6,000,000 on a 12/30 basis with 3 years of IO. This five-story walk-up mixed-use building is leased to Levain Bakery on the ground floor and encompasses 12 residential units available in studio, 1-bedroom and 2-bedroom layouts. The building was constructed in 1900 and renovated in 1981. The Subject is located on the east side of Amsterdam Avenue between West 76th and 77th Street on the Upper West Side. The Subject is located 1 mile from Fordham University and just one short block from the American Museum of Natural History.
36 East 23rd Street was financed for $3,100,000 on a 10/30 basis. The subject property is improved with a ten-story brick and stone elevator loft building with a basement, ground floor retail leased to Krispy Kreme Doughnut Corporation, and 18 office units with a diverse mix of tenants. The subject property is located on East 23rd Street between Broadway and Park Avenue South, just one avenue east of the Flatiron Building. This area of Manhattan is generally known as the Flatiron District in Midtown South. The neighborhood offers excellent transportation options and the property sits conveniently between Madison Square Park and Union Square Park. The property sits on the same block as the 23rd street 6 line metro stop.