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50 West 47th Street Nyc - I...

Updated Sep 9, 2024

Meridian Capital Group Secures $8M Refinance Loan For Diamond District Office Condominium
FINANCEDMultiFamily

Meridian Capital Group Secures $8M Refinance Loan For Diamond District Office Condominium

50 West 47th Street Nyc - International Gem Tower

$8,000,000

$620/SF

Building Size

12,900 SF

Asset Type

MultiFamily

Closing

Jan 18, 2023

About this deal

AI

The commercial office condominium located at 50 West 47th Street in NYC's Diamond District has recently undergone a loan transaction. The property, known as the International Gem Tower, spans approximately 12,900 square feet. It is situated on the entire upper full floor, offering high-security features and dedicated elevator access.

Summary of transaction details

  • Property Type: Commercial Office Condominium
  • Transaction Amount: $8,000,000
  • Loan Type: Refinance
  • Loan Terms: 5+5+5 Years, 5.44% Rate, 30-Year Amortization
  • Address: 50 West 47th Street, NYC
  • Market: Diamond District

The loan transaction was facilitated by the brokers Asher Haft, Allan Lieberman, and Jacob Kaufman of Meridian Capital Group. They represent the parties involved in this deal, ensuring a smooth refinancing process.

It is worth noting that this property offers a unique opportunity for businesses in the Diamond District. With its prime location and exclusive features, the International Gem Tower is a sought-after space for commercial purposes.

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Players

Asher Haft

Meridian Capital Group

Broker

$190.4M

vol

10 deals

Broker

Diamond District, NY MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $620 per square foot on a published $8M for 12,900 square feet (2023).

Visit Jacob Kaufman to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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