Shorenstein Properties Secures $26M Refinancing Loan For 55 3rd Avenue Condo
55 3rd Avenue
$26,000,000
$503/SF
Building Size
51,644 SF
Asset Type
Condo
Closing
Jun 12, 2024
About this deal
AI
The property involved in the transaction is a condo located at 55 Third Avenue, East Village, Manhattan. The 51,644-square-foot property was refinanced for $26 million by Shorenstein Properties. The loan, closed on June 12, 2024, was provided by Rachel Hunter of Forethought Life Insurance. Brandon J. Shorenstein, from Shorenstein Properties, is the landlord of this rental condo valued at $503 per square foot.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $26,000,000
- Address: 55 3rd Avenue
- Market: East Village, Manhattan
Forethought Life Insurance, represented by Rachel Hunter, provided the $26 million refinancing loan. Brandon J. Shorenstein, the landlord of the property, secured the loan, replacing a previous loan from Helaba. This refinancing deal highlights the financial transactions underlying the real estate market in the East Village of Manhattan.
On the Map
$26,000,000
$503/SF
Condo
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93