RXR Realty & Youngwoo & Assoc. Secures $375M Loan For Pier 57 Development Site With Nuveen As Lender
West 15th Street, New York, NY 10014, USA
$375,000,000
$669/SF
Building Size
560,000 SF
Asset Type
Development Site
Closing
Apr 11, 2019
AI
Pier 57, a development site, was involved in a closed transaction. The loan amount for this property was $375M, and it spans across an area of 560K square feet.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $375M
- Address: Pier 57
The brokers involved in this deal were Simon Ziff and Russell Schildkraut from Ackman-Ziff. The lender for the loan was Nuveen, a subsidiary of TIAA, and the landlords were RXR Realty and Youngwoo & Associates.
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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93