Updated May 12, 2025
Maverick Real Estate Partners Secures $107.1M Construction Loan From Related Companies For Hotel Development
255 West 34th Street
$107,100,000
$679/SF
Building Size
157,517 SF
Asset Type
Development Site
Closing
Apr 7, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 255 West 34th Street in Manhattan’s Garment District. The site covers a total square footage of 157,517 and is intended for hotel development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $107,100,000
- Lender: Jeff T. Blau - Related Companies
- Landlord: David Aviram - Maverick Real Estate Partners
- Loan Type: Construction
The deal features Maverick Real Estate Partners securing a construction loan from Related Companies, highlighting the collaboration between these prominent figures in the real estate sector. Jeff T. Blau represents Related Companies while David Aviram represents Maverick Real Estate Partners, emphasizing the roles they play in this significant transaction.
On the Map
$107,100,000
$679/SF
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93