Brookfield Properties Secures $1.25B Refinance Loan From Citibank For Condos In Hudson Yards
450 West 33rd Street
$1,250,000,000
$7,956/SF
Building Size
157,104 SF
Asset Type
Condo
Closing
Mar 28, 2025
About this deal
AI
The asset involved in this transaction is a condo located at 450 West 33rd Street in Hudson Yards, Manhattan. The property encompasses a total square footage of 157,104 and is classified as a condo. The refinancing loan secured for this asset amounts to $1,250,000,000.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $1,250,000,000
- Lender: Citibank
- Landlord: Bruce Flatt & Brian Kingston - Brookfield Properties
- Loan Type: Refinance
This transaction reflects a significant involvement of Brookfield Properties, with Bruce Flatt and Brian Kingston acting as key figures representing the landlord in securing the refinance loan for the office and retail condos at the property. The deal highlights the financial collaboration with Citibank as the lender in this substantial transaction.
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
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93