MRR Development LLC Secures $200 Million Refinance Loan For Malabar Residences In Manhattan
126 East 57th Street
$200,000,000
Units
145
Asset Type
Condo
Closing
Jun 1, 2026
About this deal
AI
The asset involved in this transaction is a condominium located at 126 East 57th Street, known as Malabar Residences, situated in Manhattan. The property encompasses a total square footage of 200,000 and comprises 145 units. This transaction involves a refinance loan amounting to $200,000,000.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $200,000,000
- Market: Manhattan
- Lender: BHI - Gil Karni, CEO
- Landlord: MRR Development LLC - Anand Mahindra, Rotem Rosen & Zahi Hagag
- Landlord's Rep: Simon Ziff - Ackman-Ziff
- Loan Type: Refinance
The key individuals in this transaction include Gil Karni, the CEO representing BHI, and the landlords Anand Mahindra, Rotem Rosen, and Zahi Hagag from MRR Development LLC. Simon Ziff acted as the representative for the landlords, working under Ackman-Ziff, ensuring the transaction process proceeded effectively.
Players
New York Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93