Extell Secures $380M Loan For Central Park Tower Condominium In Midtown
217 W 57th St, Manhattan, New York, NY, USA
$380,000,000
$432/SF
Building Size
878,615 SF
Asset Type
—
Closing
Jan 24, 2021
About this deal
AI
The Central Park Tower, located at 217 W. 57th St. in Midtown, is a luxurious condominium building consisting of 179 units. Developed by Extell, the building boasts impressive architecture designed by ASGG Architects. This iconic building is the second tallest skyscraper in the US and required a staggering $3 billion investment for construction.
Summary of transaction details
- Property Type: Condominium
- Transaction Amount: $380,000,000
- Lender: Sail Harbor Capital & Baupost Group
- Brokers: Adam Spies, Doug Harmon & Adam Doneger - Cushman & Wakefield
The loan for the Central Park Tower was secured through a partnership between Sail Harbor Capital and Baupost Group. The brokers responsible for the deal were Adam Spies, Doug Harmon, and Adam Doneger from Cushman & Wakefield.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93