Progress Capital Arranges $3.8M in Acquisition Financing for Multi-Family Brownstone in Lenox Hill
Brad Domenico and John Libretti of Progress Capital secured $3,800,000 in acquisition financing for a multi-family building located at 234 East 74th Street in Manhattan.
City National Bank provided acquisition financing at a 2.24% interest only rate for 10-years.
The 5-story circa 1856 townhome features exposed brick walls, original wood beamed ceiling, 6 wood burning fireplaces, oak and pine wood flooring and a spectacular garden that can easily accommodate outdoor dining and lounging. The property has the wonderful charm of townhouse living combined with a loft-like Great Room, usually found in commercial style buildings. The many outstanding features include a restored Brownstone facade with historic details, beautiful ironwork railings and fence with brass railings.
The 3-unit floor plan provides for a 3 to 4-bedroom garden apartment and 2 free market duplex apartments on the fourth and fifth levels. The lower level consists of a media/guest room, full bath with walk-in shower, laundry room and a storage/utility room. The parlor floor is home to the master suite, which also contains a sumptuous master bath with jacuzzi, a sitting room with brick fireplace and oversized French windows that open to the front planting patio. The third-floor features two bedrooms and full baths.
Lenox Hill runs from East 59th Street to East 77th Street, between Fifth Avenue (Central) and 3rd Avenue. This Upper East Side neighborhood includes Bloomingdales, Hunter College and Lenox Hill Hospital. The location is a quiet, tree lined block within walking distance of the Q and 6 trains, as well as Equinox Fitness Club, Citarella Gourmet Market and other nearby convenience.
Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.