Tony Park And MediaWill Secure $20 Million Construction Loan For Penn Station Condo Conversion
115 West 31st Street
$20,000,000
Building Size
—
Asset Type
Condo
Closing
Oct 21, 2024
About this deal
AI
The asset involved in the transaction is two commercial condominium units located at 115 West 31st Street in the Penn Station market of Manhattan. The property is being converted into a total of 77 residential units. The loan amount secured for the rehabilitation construction is $20,000,000.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $20,000,000
- Lender: Bank of Hope
- Landlord: Tony Park & MediaWill
- Entity: 110 West 32nd LLC
The transaction involves Tony Park and the Korean media company MediaWill, who collaborated through the entity 110 West 32nd LLC to secure the construction loan from Bank of Hope. The focus of this deal is the transformation of the existing commercial condominiums into residential units, which marks a significant development effort in the area.
On the Map
$20,000,000
Condo
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Players
New York Condo Market Snapshot
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Deal FAQ
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