ERG Commercial Real Estate has delivered a $9 million refinance loan to the owners of 176 Bowery on the Lower East Side of Manhattan.
The property is located on one of the busiest corners in Manhattan, at the intersection of Bowery and Delancey. The property is a three-story, 5,855-square-foot commercial building on a 25 foot x 100 foot lot that was built in 1900. The building also has a large outdoor advertising billboard on the roof.
ERG’s Managing Director Ryan Lewis negotiated the loan at 4.25% for five years. Lewis said the building owner will use the additional cash out proceeds to finish a project on another property they also own.
“Because of the building’s location, the billboard can be seen all the way down Delancey facing the Williamsburg Bridge giving significant value to the building,” said Lewis. “This deal was unique given majority of the income was coming in from the building’s premier billboard on top of the building and advertising leases which is not the norm for banks to see.”
