Northmarq secures $2.4 million refinance of mixed-use property in Manhattan

NEW YORK (October 24, 2024) — Robert Ranieri, senior vice president/managing director of Northmarq’s Greater White Plains regional office, arranged the $2.4 million refinance of 1616 York Ave. — a five-story, 8,900-sq.-ft. mixed-use building located in Manhattan’s Yorkville neighborhood. The building contains two basement level retail units, and the upper floors contain 20 residential units.

The permanent financing was structured with a 10-year loan and a 30-year amortization schedule. The interest rate is fixed for the first five years and then adjusts for the second five-year period. Northmarq arranged the loan for the borrower through a commercial bank.

“The lender provided a low-cost debt option with a smooth closing process for this repeat Northmarq borrower,” Ranieri said.

1616 York Ave. was constructed in approximately 1920 and contains 8,900 sq. ft. situated on an 1,887-sq.-ft. tax parcel.

The property is centrally located in the Yorkville neighborhood and is a short walk to the 86th Street subway along 2nd Avenue (N, Q, R lines) and Carl Schurz Park along the East River. The property is situated near Fairway Market, Whole Foods, and numerous 2nd Avenue shops and cafes.

Learn more about Northmarq’s financing services here.