Description

ERG Commercial Real Estate is proud to announce the refinance a $9 million loan to the owners of 176 Bowery Street 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 sq. ft. commercial building on a 25 x 100 lot that was built in 1900. The building also has a large advertising billboard on the roof.

ERG’s Managing Director, Ryan Lewis, negotiated the loan at 4.25% for five years. “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.”