$12.9 Million Non-Performing Multifamily Loan | New York City, NY
33 단위
묘사
Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange the sale of 79 Clinton Street (the
"Property"), a six-story mixed-use building located on the southwest corner of Clinton and Rivington Streets on the
Lower East Side. The corner building has exceptional light and air with 50 windows on Clinton Street. The 70% free
market property presents an investor the ability to obtain a cash flowing asset in a neighborhood with a sought-after
high-demand rental market.
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개요
단위 수
23
점유율
95%
건물 총면적
1,227 제곱미터
NOI
₩1,158,624,000
미디어
투자 하이라이트
Value Drivers
Strong existing cash flow from the five retail units (including credit
tenant T-Mobile) and 38 apartment units.
• MAJORITY FREE MARKET - 79 Clinton is 70% free market and 86 Clinton
is 83% free market. As the Lower East Side continues to develop, this
high free market percentage is optimal to capitalize on future rent
growth and enhance building value.
• HIGH-END CONDO LIKE FINISHES - The properties were recently
meticulously renovated which helps to attract renters to choose 79 or
86 Clinton Street over nearby apartment units.
• TRANSPORTATION ACCESS - The properties are located steps from
the J, Z, F & M trains at the Delancey-Essex subway station which
provides seamless access to Brooklyn and the rest of Manhattan - a
highly important characteristic for students and young professionals.
• SUMMER LEASE EXPIRATIONS - 79 Clinton has 60% of its leases
expiring in the next four months, while 86 Clinton has 67% of its
leases expiring in the same timeline. We expect the new rents to rise
with summer leases and new tenants.
• PROXIMITY TO ESSEX CROSSING - The properties are a short walk
from Essex Crossing which is a $1.1 Billion development with over 1.9
MM square feet of residential, commercial and community space
including the Market Line and Regal Cinemas which is anticipated to
be completed by year end 2024.
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79 Clinton Street (0 부동산)
