Cherokee Apartments, a New York City Landmark and Century managed building, has a rich history in Manhattan. In 1912, it opened as the Shively Sanitary Tenements as a complex used to treat tuberculosis; The theory being “the best way to treat consumption was with plenty of light and air”. Every apartment has a balcony and floor to ceiling windows, making this landmark Manhattan cooperative a true gem in modern times. The pre-war complex was converted in 1987 .
Below is an excerpt about the NCB refinance that took place with this historic property featured in Real Estate Weekly:
…”Located at 508-516 East 78th and 509-517 East 77th Street, the six-story complex consists of 377 units in four buildings, which are connected by a common courtyard.
Proceeds will primarily be used to refinance the existing debt of a $16 million first mortgage and $7.95 million line of credit the co-op previously completed with NCB. Remaining funds will be used for capital improvements, including the re-coating of the stairwells, plumbing upgrades and a gas conversion project “.
Written by: REW
