Updated Oct 28, 2024
Valley Bank Provides $7M Acquisition Loan For Development Site On West 44th Street In Midtown Manhattan
346-350 West 44th Street, New York City, New York 10036, United States
$7,000,000
$222/SF
Building Size
31,500 SF
Asset Type
Development Site
Closing
Mar 3, 2022
About this deal
AI
The development site located at 346-350 West 44th Street in Midtown has been involved in a closed transaction. The property is a development site with a buildable square footage (BSF) of 31,500. The transaction details include:
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,000,000
- Loan Type: Acquisition Loan
- Lender: Valley Bank
- Broker: Max Ralby - HKS Real Estate Advisors
The loan for the transaction was provided by Valley Bank. The loan amount is $7,000,000 and it is an acquisition loan. Max Ralby from HKS Real Estate Advisors acted as the broker in the deal.
On the Map
$7,000,000
$222/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93