Reuben Brothers, JP Morgan Chase Refinance $500M Loan On Central Park Tower
$500,000,000
Building Size
—
Asset Type
Condo
Closing
Jul 26, 2023
About this deal
AI
The Reuben Brothers, David Reuben and Simon Reuben, along with JPMorgan Chase & Co., have provided a loan of approximately $500 million to refinance debt on Central Park Tower. Located at 217 West 57th Street in Midtown Manhattan, Central Park Tower is an ultra-luxury condo skyscraper situated on Billionaires' Row. The property is owned by Extell Development, with Gary Barnett as the landlord.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $500,000,000
- Lender: Reuben Brothers (David Reuben & Simon Reuben) and JP Morgan Chase
- Landlord: Extell Development (Gary Barnett)
- Loan Type: Refinance
Billionaires David and Simon Reuben, in collaboration with JPMorgan Chase & Co., have extended a loan of approximately $500 million to Central Park Tower. The loan will be used for refinancing the debt on the ultra-luxury condo skyscraper, which is located on Billionaires' Row in Midtown Manhattan. Extell Development, under the ownership of Gary Barnett, operates as the landlord for this property.
Players
Market Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93