News:
Brokerage
Posted: November 17, 2020
Cronheim arranges $2.75 million permanent financing
Manhattan, NY Cronheim Mortgage arranged $2.75 million in permanent financing for the subject, a four-story, walk-up retail and apartment building located in Midtown East. The interest rate was locked six months prior to closing and the loan was structured on a 10/30 basis with a step-down prepay schedule. Cronheim is a correspondent and servicing agent for the lender, Southern Farm Bureau Life Insurance Co.
204 East 58th St. has two large duplex residential units located on the third and fourth floors while the first and second floors are leased to Land of Plenty, a Sichuan restaurant, and Ann Sacks, a tile and stone designer and retailer, respectively.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 250 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Quick Hits
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
.gif)