Updated Oct 28, 2024
Morgan Stanley Provides $43.5M Loan For SoHo Commercial Loft At 5 Crosby Street
5 Crosby Street, Manhattan, New York, NY, USA
$43,500,000
$648/SF
Building Size
67,032 SF
Asset Type
Commercial
Closing
Nov 24, 2021
About this deal
AI
Located at 5 Crosby Street in SoHo, this commercial loft spans an impressive 67,032 square feet. The property was recently involved in a closed transaction, with the loan details as follows:
Summary of transaction details
- Property Type: Commercial Loft
- Transaction Amount: $43,500,000
- Address: 5 Crosby Street, SoHo
- Market: SoHo
The loan for this transaction was provided by Morgan Stanley. The loan terms were established as permanent, CMBS. Representing the parties involved were Adam Hakim and James Murad from Meridian Capital Group, acting as brokers, and David Kronman from Cape Advisors, serving as the property manager. No further information regarding the deal's key individuals and companies is available at this time.
Players
New York Commercial Market Snapshot
Boundary boundary · Commercial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93