Signature Bank Provides $15.5M Loan For Condo In Flatiron District
260 Park Avenue South, New York City, New York 10010, United States
$15,493,026
$1,032,868/SF
Building Size
15 SF
Asset Type
Condo
Closing
Jan 9, 2023
About this deal
AI
260 Park Avenue South in the Flatiron District has recently been involved in a loan transaction. The condo property, spanning 15,169 square feet, was part of a deal facilitated by Signature Bank and its representative Michael Riegler. The loan amount for this transaction was $15,493,026. The property is owned by Tessler Developments, with Yitzchak Tessler as the landlord.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $15,493,026
- Address: 260 Park Avenue South
- Market: Flatiron District
- Square Footage: 15,169
Yitzchak Tessler, representing Tessler Developments, acted as the landlord in this transaction. Michael Riegler, from Signature Bank, played a key role as the lender's representative. This successful loan deal highlights the collaboration between prominent individuals and institutions in the real estate industry.
On the Map
$15,493,026
$1,032,868/SF
Condo
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Players
New York 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
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93