Updated Sep 3, 2026
Joyland Management Secures $33 Million Refinance Loan From Safra National Bank For 254 West 35th Street
254 West 35th Street
$33,000,000
$309/SF
Building Size
106,642 SF
Asset Type
Industrial
Closing
Aug 27, 2026
About this deal
AI
The property asset involved in the transaction is an industrial building located at 254 West 35th Street in the Garment District of Manhattan. The asset encompasses a total square footage of 106,642 and has been refinanced with a loan amount of $33 million.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $33,000,000
- Address: 254 West 35th Street
- Market: Garment District, Manhattan
- Lender: Safra National Bank
- Landlord: Joel Wertzberger - Joyland Management
- Loan Type: Refinance
The refinance transaction was executed by Joel Wertzberger representing Joyland Management, highlighting the involvement of the landlord in securing financing through Safra National Bank for the property located within a prominent market area.
On the Map
$33,000,000
$309/SF
Industrial
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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
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93