Updated Mar 11, 2025
Northwell Health Acquires Dev. Site In Manhattan’s Upper East Side For $246M
202 E 77th St, New York, NY 10075, USA
$246,000,000
$80,261/SF
Building Size
3,065 SF
Asset Type
Development Site
Closing
Aug 19, 2018
About this deal
AI
New York-based developer Northwell Health, helmed by Michael J. Dowling, has secured a loan amount of $246,000,000 from CGA Capital for the development of an extensive project located in Manhattan’s Upper East Side. The project comprises of multiple development sites including properties at 201-203 E 76th St, 1339 3rd Ave, 1345 3rd Ave, 200 E 77th St, and 202 E 77th St.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $246,000,000
- Lender: CGA Capital
- Landlord/Developer: Northwell Health – Michael J. Dowling
- Market: Manhattan’s Upper East Side
The transaction involves Northwell Health, led by Michael J. Dowling, as the landlord/developer and CGA Capital as the lender. The loan amount secured for the project is $246,000,000. Situated in Manhattan’s Upper East Side, the project encompasses development sites at 201-203 E 76th St, 1339 3rd Ave, 1345 3rd Ave, 200 E 77th St, and 202 E 77th St.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93