Manhattan, NY HKS Real Estate Advisors has closed a $4 million loan to fund the acquisition of a newly built commercial condominium in Soho. One Vandam, located at 180 6th Ave., consists of four retail units totaling 14,000 s/f of leasable space, with over 140 ft. of frontage. The property is 100% occupied.
The lender is Emerald Creek Capital and the sponsor is CRE8 Equities.
Eugene Weinraub and Alex Dobosh at HKS facilitated the loan.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,