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Solly ASSA Refis Manhattan Luxury Apartment’s $35M Wells Fargo Loan

NEW YORK, NY / ACCESSWIRE / January 24, 2023 // An entity associated with Solly Assa, CEO of Assa Properties Luxury Real estate Developer, has Refinanced the $35M Loan. The loan financed an upscale property off 5th avenue at 66 W 45th St, with loans from CIBC Bank, InterAudi Bank, Habib American Bank and HSBC Bank.

‘Solly Assa did a very good job with paying off the loan given the fact that he had to coordinate with 5 lenders to get everyone on the same page'- Aldrin Buenaventura, Wells Fargo.

Assa Properties, Tuesday, January 24, 2023, Press release picture
Assa Properties, Tuesday, January 24, 2023, Press release picture

Recent Bloomberg report this November stated that more wealthy New Yorkers who are less cost sensitive are opting to rent instead of buy in this season of economic uncertainty. The median top 10% of Manhattan Luxury apartments climbed 13% according to appraiser Miller Samuel Inc. and Brokerage Douglas Elliman Real Estate. The remaining 90% of rentals in the market dropped a median of $21 to $3,850. Overall rents have been up 15% since October.

Mortgage biding wars through 2022 have fallen from 20% to 14% though rates remain through the roof sustaining luxury home purchases at a record high. Renters still paying 13.1% over rental liaising price.

CNBC reported that while rents in other parts of the country are easing up NYC rents remain sky high. Leaving the number of unrented apartments low as the demand for new luxury developments presses on into 2023.

Assa Properties has maintained its frequency to anticipate the need for plush luxury design with this latest 100,000 sq ft rental venture. Those in the high end rental market can now look to the new refurbished Midtown Assa property that promises a sanctuary above the clouds with iconic views of the city. Residents and their guests will be nestled in the opulence of tastefully designed Cambria Quartz Inverness countertops, grounding whitewashed oak, touches of brass and vivifying textures. The property will be home to the exclusive .01% multi million dollar Manhattan realestate club with its crown jewel sky manor listed at $50,000,000. This penthouse boasts 360 degree views of the city from its three and a half floors offering over 8,200 square feet of pure elegance and powerful potential. It's competitive amenities include a sauna, home gym and yoga studio, private IMAX theatre, golf simulator, lounge with full wet bar and endless opportunities for a customized oasis.

In this collection of rental homes residents will have access to thoughtfully curated amenities concierge, valet, 24/7 door man, chic business centre, fitness club, maid service and daily aromatic floral delivery upon request. The group made a point of making the residence a full service experience with intimate fine dinning at it's door step. Memorable evenings at celeb hang out Butter, welcomed by the artistry of Alex Guarnashcelli food network star and Exec Chef.

ASSA Properties and Wells Fargo Bank officials did not immediately respond to requests for comment. All quotes direct from Bloomberg and CNBC public records.

About ASSA Properties:

Assa Properties has roughly two decades of experience in residential, retail and commercial properties. Throughout this time, Assa Properties has acquired some three million square feet of assets throughout the United States and Mexico, where it plans, develops, and operates mixed-use buildings, hotels and condominiums.

The core brand of Assa Properties is built around redefining what is commonly accepted as possible and profitable in a competitive, multibillion-dollar industry. It's not enough to simply follow the path other real estate firms are taking; instead, Assa Properties aims to blaze its own trail, and to do so boldly and stylishly.

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Business Name: Assa Properties
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SOURCE: Assa Properties

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