Institutional Affordable Housing Asset with 400 Residential Units, Commercial & Parking in Manhattan
$11,000,000
1465 Park Avenue, New York, NY 10029
505,503 sqft
Building Size
51,029 sqft
Lot Area
Details:
Description:
Investment Highlights
Centralized Scale
17-story elevator tower grossing 505,503 square feet
New Construction High Quality Asset
Completed in June 2020 with modern systems and amenities including a fitness center, roof terraces, landscaped courtyards and on-site laundry facilities
Diverse Unit Mix
400 residential units (239 low income units), 3,842 NSF of commercial space, 8,691 NSF of community facility space and 57 parking spots
Assumable Long-Term Debt
$123M total unpaid principal balance maturing in 2062
• $45.6M senior loan at 5.20%
• $31.4M subordinate loan at 2.65%
• $46.2M subordinate loan at 2.65%
Long Term Tax Benefit
40 year Article XI tax exemption from 2016
Block-Through Prominent Corner Location
Spans the entirety of the city block between East 107th Street and East 108th Street with additional frontage along Lexington Avenue
Transportation Hub
Rider’s Paradise Score of 100 with close proximity to the 6 and 2,3 subway lines
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Location
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