Zar Property NY Secures $85 Million Refinance Loan For Mixed-Use Assets In Midtown Manhattan
349 5th Avenue & 244 250 West 54th Street
$85,000,000
$349/SF
Building Size
71,483 SF
Asset Type
Mixed-use
Closing
Jun 12, 2025
About this deal
AI
A refinancing transaction took place involving mixed-use and retail assets located at 349 5th Avenue and 244-250 West 54th Street in Midtown Manhattan, encompassing a total square footage of 243,228. The loan amount for this refinancing was $85,000,000.
Summary of transaction details:
- Property Type: Mixed Use & Retail
- Transaction Amount: $85,000,000
- Asset Address: 349 5th Avenue & 244-250 West 54th Street
- Market: Midtown Manhattan
- Square Footage: 243,228
- Landlord: Dario Zar, David Zar, Simon Zar, Jonathan Zar & Julian Zar - Zar Property NY
- Broker: Isaac Filler, Yossi Koschitzki & Michael Neumann - Filler Capital
- Loan Type: Refinance
Filler Capital LLC represented Zar Property NY in this refinancing process, underlining a valued relationship with a long-term lender. The transaction showcases the robust partnership between the involved parties. The collaboration signifies support for Zar's ongoing success in managing their distinguished portfolio of properties.
On the Map
$85,000,000
$349/SF
Mixed-use
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Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93