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.
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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