Updated Sep 23, 2026
Mequity Companies & Flatiron Equities Secures $57M Construction Completion Loan From PGIM For Office Conversion
152 West 36th Street
$57,000,000
$691/SF
Building Size
82,397 SF
Asset Type
Development Site
Closing
Sep 3, 2026
About this deal
AI
The asset involved is an office-to-self storage conversion located at 152 West 36th Street in Manhattan. The property encompasses a total size of 75,000 rentable square feet with 1,500 units available for storage purposes. The loan for this property was secured for a total value of $57,000,000 under the construction completion loan type.
Summary of transaction details:
- Property Type: Office-to-Self Storage Conversion
- Transaction Amount: $57,000,000
- Address: 152 West 36th Street
- Market: Manhattan
- Asset Size: 75,000 RSF
- Units: 1,500
- Lender: PGIM
- Borrower: Mequity Companies & Flatiron Equities
- Brokers: Dylan Kane, Zach Redding & Jared King - Colliers
The deal was facilitated by key individuals from Colliers, specifically Dylan Kane, Zach Redding, and Jared King, who collectively represented the interests of the borrowers, Mequity Companies and Flatiron Equities, in securing the significant loan amount for the conversion project.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93