Overview
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $1.9 million non-performing retail loan (the “Note” or “Loan”). The Loan is secured by the mortgage on the fee-simple interest in the ground floor retail condominium unit of a 16-story building located in the Lower East Side submarket of Manhattan (the “Property” or “Collateral”). As of October 2024, the Loan is non-performing due to a payment and maturity default in August 2023.
Constructed in 1900 and renovated in 2003, the Property consists of 1,895 square feet of ground floor retail space. The Property is 100% occupied to a single tenant as of December 2023 and is situated along a high-trafficked street. The remainder of the building, which includes floors two through 16, features residential condominiums.
The offering presents investors the opportunity to acquire the Loan at a favorable basis, significantly below replacement cost, with a path to ownership on a retail Property.
Investment Highlights
Path to Ownership
The non-performing Loan provides investors the ability to potentially step into the ownership position of a fully occupied retail property at an attractive basis.
Vibrant Neighborhood
Situated in the Lower East Side, the Property is located in a vibrant neighborhood with an eclectic mix of bars, restaurants, parks, and shops. With a walk score of 100/100, the Property has great exposure and is ideally positioned to attract the high volume of foot traffic amongst the predominantly young professionals and retirees that reside there.
Convenient Transit-Oriented Accessibility
The Property is situated within a four-block radius of four subway stations that service the 6, B, D, F, J, and Z lines. Through these lines, the Property is easily accessible from throughout to the four boroughs of the Bronx, Manhattan, Queens, and Brooklyn.
In-Place Cash Flow
The Property is currently 100% occupied by a preeminent art gallery, generating stable cash flow
