Global Asset Properties Secures $10.8M Refinance Loan From Citibank For Manhattan Properties
40 Rector Street & 485 7th Avenue New York
$10,800,000
$519/SF
Building Size
10,404 SF
Asset Type
Condo
Closing
Jan 16, 2026
AI
Two properties involved in the transaction are located at 40 Rector Street and 485 7th Avenue in Manhattan, which include a total square footage of 10,404. Global Asset Properties secured a refinancing loan for these properties amounting to $10,800,000.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $10,800,000
- Market: Manhattan
- Lender: Citibank
- Landlord: Albert Rabizadeh - Global Asset Properties
- Loan Type: Refinance
- Loan Date: 01/16/2026
This refinancing deal was executed with Citibank representing the lender. The transaction involved four Manhattan properties, incorporating both office and retail spaces under the management of Global Asset Properties, led by landlord Albert Rabizadeh.
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
1.47%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93