Canadian Imperial Bank Provides $38.2M Loan For Tribeca Office Condo
85 West Broadway, Manhattan, New York, NY, USA
$38,239,594
$678/SF
Building Size
56,347 SF
Asset Type
—
Closing
Aug 24, 2021
About this deal
AI
Richard A.C. Coles and Gary M. Tischler of Vanbarton Group have closed a loan transaction on an office condo located at 85 West Broadway in Tribeca. The property, spanning 56,347 square feet, consists of 2 units. The loan amount for this transaction was $38,239,594. The lender for this deal was Canadian Imperial Bank.
Summary of transaction details:
- Property Type: Office Condo
- Transaction Amount: $38,239,594
- Address: 85 West Broadway
- Market: Tribeca
- Square Footage: 56,347
- Units: 2
The deal was facilitated through the representation of Richard A.C. Coles and Gary M. Tischler from Vanbarton Group. They acted as landlords in this transaction.
On the Map
$38,239,594
$678/SF
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93