$2.0 Million Non-Performing Mixed-Use Loan | Manhattan, NY | Ten-X Auction_Property for Sale

New York, NY, 10029, US

$2.0 Million Non-Performing Mixed-Use 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 $2.0 million non-performing mixed-use loan (the “Note” or “Loan”). The Loan is

secured by the first mortgage on the fee-simple interest in a retail and multifamily property

located in the East Harlem submarket of Manhattan (the “Property” or “Collateral”).

As of October 2024, the Loan is non-performing due to a payment default in December 2023.

Constructed in 1910, the five-story Property consists of eight multifamily units and 1,500

square feet of retail space on the ground floor. Located along a well-traveled street, the

retail portion of the Property is 100% occupied. Additionally, the multifamily units are all

one-bedroom units and are rent stabilized.

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 mixed-use Property.

...

Attributes

Unpaid principal balance

MYR 8,941,000

Building area net

685 m²

Occupancy

100%

Number of units

Year built

1910

Zoning

R8A

Call for offers

02/12/2024

Media

Investment Highlights

Path to Ownership:

The non-performing Loan provides investors the ability to potentially step into the ownership position on a mixed-use property at an attractive basis.

Dynamic Community:

Situated in East Harlem, one of New York’s hottest and most dynamic neighborhoods, the Property benefits from nearby access to prime community amenities and staples including, Columbia University, Central Park, Mt. Sinai Hospital, and Costco.

Convenient Transit-Oriented Accessibility

Earning a transit score of 100/100, the Property is situated within a two-block radius of a subway station that services the 4, 5, and 6 lines. Through these lines, the Property is easily accessible from throughout to the three boroughs of the Bronx, Manhattan, and Brooklyn.

Fully Occupied Retail Space

The retail portion of the Property is currently 100% occupied by a traditional steakhouse that has occupied the Property dating back to 2011.