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
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.
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