Kiska Developers Secures $20M Loan For Hotel Building In Park Avenue South, Manhattan
114 East 32nd Street
$20,000,000
$164/SF
Building Size
121,774 SF
Asset Type
Hotel
Closing
Aug 22, 2023
About this deal
AI
The property asset involved in this transaction is a hotel located at 114 East 32nd Street in the Park Avenue South market of Manhattan. The hotel spans a total square footage of 121,774. Kiska Developers secured a loan amounting to $20 million from BankUnited specifically for this hotel building.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $20,000,000
- Address: 114 East 32nd Street
- Market: Park Avenue South, Manhattan
- Lender: Rajinder P. Singh - BankUnited
- Landlord: Stephen Warheit & Nariye Ercan Magden - Kiska Developers
Key individuals involved in this deal include Rajinder P. Singh, representing BankUnited, as the lender of the loan, while Stephen Warheit and Nariye Ercan Magden represent Kiska Developers, the landlord in this transaction.
Players
Brooklyn Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93