Updated Jun 5, 2025
JP Morgan Chase Bank Provides $273M Loan For Industrial Property At 55-15 Grand Avenue, Maspeth
55-15 Grand Avenue, Maspeth, Queens, NY, USA
$272,874,249
$709/SF
Building Size
384,695 SF
Asset Type
Industrial
Closing
Dec 2, 2020
About this deal
AI
The property involved in this closed transaction is an industrial asset located at 55-15 Grand Avenue in Maspeth. The property is owned by Scott Rechler, the CEO of RXR Realty. The transaction took place on December 3, 2020. The loan for this transaction was provided by JP Morgan Chase Bank, with a total amount of $272,874,249.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $272,874,249
- Address: 55-15 Grand Avenue, Maspeth
- Market: Maspeth
Scott Rechler, the CEO of RXR Realty, served as the landlord in this deal. It is noteworthy that Jamie Dimon, the CEO of JP Morgan Chase Bank, made this loan transaction possible.
Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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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