Signature Bank Provides $20M Loan For Commercial Condo At 521 West 57th Street, Midtown West
521 W 57th St, New York, NY 10019, USA
$20,000,000
$5/SF
Building Size
3,683,030 SF
Asset Type
—
Closing
Apr 13, 2020
About this deal
AI
The commercial condo located at 521 West 57th Street in Midtown West has been involved in a recent loan transaction. The loan was provided by Signature Bank for a total amount of $20,000,000. The property spans over 368,303 square feet.
Summary of transaction details:
- Property Type: Commercial condo
- Transaction Amount: $20,000,000
- Address: 521 West 57th Street
- Market: Midtown West
- Lender: Signature Bank
- Landlord: Himmel + Meringoff Properties
- Square Footage: 368,303
In this loan transaction, Signature Bank provided the funds for the commercial condo located at 521 West 57th Street in Midtown West. Himmel + Meringoff Properties, the landlord, was involved in the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93