$1.9 Million Non-Performing Retail Loan | Manhattan, NY | Ten-X Auction_Property for Sale

New York, NY, 10002, US

$1.9 Million Non-Performing Retail Loan | Manhattan, NY | Ten-X Auction

Asset description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange

the sale of a $1.9 million non-performing retail loan (the “Note” or “Loan”). The Loan is

secured by the mortgage on the fee-simple interest in the ground floor retail condominium

unit of a 16-story building located in the Lower East Side submarket of Manhattan (the

“Property” or “Collateral”). As of October 2024, the Loan is non-performing due to a

payment and maturity default in August 2023.

Constructed in 1900 and renovated in 2003, the Property consists of 1,895 square feet of

ground floor retail space. The Property is 100% occupied to a single tenant as of February

2024 and is situated along a high-trafficked street. The remainder of the building, which

includes floors two through 16, features residential condominiums.

The offering presents investors the opportunity to acquire the Loan at a favorable basis,

significantly below replacement cost, with a path to ownership on a retail Property.

...

Attributes

Unpaid principal balance

¥304,496,422

Occupancy

100%

Year built

1900

Year renovated

2003

Rentable area

176 sm

Zoning

C6-1

Media

Investment highlights

Path to Ownership:

The non-performing Loan provides investors the ability to potentially step into the ownership position of a fully occupied retail property at an attractive basis.

Vibrant Neighborhood:

Situated in the Lower East Side, the Property is located in a vibrant neighborhood with an eclectic mix of bars, restaurants, parks, and retailers. With a walk score of 100/100, the Property has great exposure and is ideally positioned to attract the high volume of foot traffic amongst the predominantly young professionals and retirees that reside there.

Convenient Transit-Oriented Accessibility:

The Property is situated within a four-block radius of four subway stations that service the 4, 6, B, D, F, J, M, and Z lines. Through these lines, the Property is easily accessible from throughout to the four boroughs of the Bronx, Manhattan, Queens, and Brooklyn.

In-Place Cash Flow:

The Property is currently 100% occupied by a preeminent art gallery, generating stable cash flow.