Cronheim arranges $9.1 million in financing for two mixed-use properties

 

 

 

New York, NY Cronheim Mortgage has secured $9.1 million in permanent financing for two mixed-use buildings in NYC. Andrew Stewart, Dev Morris, and Allison Villamagna placed the financings with Farm Bureau Life Insurance Company, whom Cronheim represented as correspondent and servicer.

351 Amsterdam Ave. was financed for $6 million on a 12/30 basis with three years of IO. This five-story walk-up mixed-use building is leased to Levain Bakery on the ground floor and encompasses 12 residential units available in studio, one bedroom and two bedroom layouts. The building was constructed in 1900 and renovated in 1981. The subject is located on the east side of Amsterdam Ave. between West 76^th and 77^th St. on the upper west side. The subject is located one mile from Fordham University and just one block from the American Museum of Natural History.

36 East 23^rd St. was financed for $3.1 million on a 10/30 basis. The subject property is improved with a ten-story brick and stone elevator loft building with a basement, ground floor retail leased to Krispy Kreme Doughnut Corp., and 18 office units with a mix of tenants. The subject property is located on East 23^rd St. between Broadway. and Park Ave. South, one avenue east of the Flatiron Building. This area is generally known as the Flatiron District in midtown south. The neighborhood offers transportation options and the property sits between Madison Square Park and Union Square Park. The property sits on the same block as the 23^rd St. six line metro stop.