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Brokerage
Posted: April 2, 2019
Cronheim Mortgage arranges $5 million for 52,000 s/f office building in Manhattan
Manhattan, NY Cronheim Mortgage secured $5 million in financing for 32 East 31st St. The 20-year loan amortizes over a 30-year schedule for the borrower, 32 East 31st Street Corp. Cronheim acted as corresponding agent and servicer for CMFG Life Insurance Co.
32 East 31st St. is a 12-story, 52,000 s/f office building with first-floor retail. The subject is located at the corner of Madison Ave. and 31st St. in Midtown South, one of the most densely populated and heavily trafficked areas of the city, which is only three blocks east of Madison Square Garden and New York Penn Station.
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Quick Hits
Columns and Thought Leadership
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
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.
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.
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
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