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622 West 51st Street, New Y...

Updated Oct 28, 2024

Bilt advertisement
First Republic Bank Refinances Industrial Property In Hell's Kitchen, Manhattan For $32.5M
FINANCEDIndustrial

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

First Republic Bank
First Republic BankLender

Gary Spindler

Park-It Management

Landlord

$153.3M

vol

7 deals

Landlord

New York Industrial Market Snapshot

Boundary boundary · Industrial · Loan transactions

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Deal FAQ

About $226 per square foot on a published $32.5M for 143,449 square feet (2022).

Visit Gary Spindler to view all their deals.

Browse New York industrial loans on Traded.

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

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