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550 W 29th St, New York, NY...

Updated Nov 28, 2024

Highline Development Group And The Tamarkin Company Acquire Condominium At 550 West 29th Street For $72M
FINANCEDCondo

Highline Development Group And The Tamarkin Company Acquire Condominium At 550 West 29th Street For $72M

550 W 29th St, New York, NY 10001, USA

Building Size

3,290 SF

Asset Type

Condo

Closing

Mar 29, 2018

About this deal

AI

The Highline Development Group and the Tamarkin Company, represented by Eldad Abramove and Cary Tamarkin, have completed a closed property transaction for a condominium located at 550 West 29th Street in Manhattan, New York. The asset, known as 550W29, is a spacious and well-appointed condominium in a prime location. The transaction involved a financed loan provided by Madison Realty Capital, led by Josh Zegen, in the amount of $72 million.

Summary of transaction details

  • Property Type: Condominium
  • Transaction Amount: $72 million
  • Address: 550 West 29th Street, Manhattan, NY
  • Developers: Highline Development Group and the Tamarkin Company – Eldad Abramove & Cary Tamarkin
  • Lender: Madison Realty Capital – Josh Zegen

This successful transaction highlights the expertise and experience of Highline Development Group and the Tamarkin Company, as they deliver another exceptional property to the Manhattan market. It also demonstrates the confidence that Madison Realty Capital has in the project, evidenced by the substantial loan amount provided. The collaborative efforts of these key individuals and companies have resulted in the acquisition of an outstanding condominium property in an highly sought-after area.

Players

Josh Zegen

Madison Realty Capital

Lender

$7.3B

vol

54 deals

Lender

New York Condo Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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