Updated Oct 28, 2024
First Republic Bank Refinances Industrial Property In Hell's Kitchen, Manhattan For $32.5M
622 West 51st Street, New York City, New York 10019, United States
$32,500,000
$226/SF
Building Size
143,449 SF
Asset Type
Industrial
Closing
Jul 26, 2022
About this deal
AI
The industrial property located at 622 West 51st Street in Hell's Kitchen, Manhattan has undergone a loan transaction. The property spans an area of 143,449 square feet.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $32,500,000
- Loan Type: Refinance
First Republic Bank, represented by Irina Galleva, provided a loan of $32,500,000 for the property's refinance. The landlord of the property is Park-It Management, with Gary Spindler as their representative.
The industrial loan at 622 West 51st Street, New York City, New York 10019, United States in New York, New York financed for $32.5M in 2022. The building is 143,449 square feet, implying about 226 per square foot on the published price. Named participants on the 622 West 51st Street, New York City, New York 10019, United States loan are Gary Spindler. This page is the New York, New York file for the 622 West 51st Street, New York City, New York 10019, United States industrial financed: pricing, party profiles, and other closed industrial comps from the same New York sit in the Market section below. Filter that New York industrial set by closing date to see what else financed near 622 West 51st Street, New York City, New York 10019, United States around 2022. Published consideration for 622 West 51st Street, New York City, New York 10019, United States is $32.5M, dated 2022. Cite this First Republic Bank Refinances Industrial Property In Hell's Kitchen, Manhattan For $32.5M loan when underwriting similar industrial product around New York, New York.
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
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93