Effy Jewelry's Hematian Family Secures $75M Loan For Mixed-Use Property At 590 Fifth Avenue In Midtown
590 Fifth Avenue, New York City, New York 10017, United States
$75,000,000
$750/SF
Building Size
100,000 SF
Asset Type
Mixed-use
Closing
Aug 18, 2022
About this deal
AI
The mixed-use property located at 590 Fifth Avenue in Midtown, with a total square footage of 100,000, has recently been involved in a loan transaction.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $75,000,000
- Address: 590 Fifth Avenue
- Market: Midtown
The loan was provided by Signature Bank, and the landlord of the property is Effy Jewelry, owned by the Hematian family. Bobby Hematian, Effy Hematian, and Benny Hematian are pictured in an image associated with the transaction.
The mixed use loan at 590 Fifth Avenue, New York City, New York 10017, United States in Watervliet, New York financed for $75M in 2022. The building is 100,000 square feet, implying about 750 per square foot on the published price. Named participants on the 590 Fifth Avenue, New York City, New York 10017, United States loan are Hematian family. This page is the Watervliet, New York file for the 590 Fifth Avenue, New York City, New York 10017, United States mixed use financed: pricing, party profiles, and other closed mixed use comps from the same Watervliet sit in the Market section below. Filter that Watervliet mixed use set by closing date to see what else financed near 590 Fifth Avenue, New York City, New York 10017, United States around 2022. Published consideration for 590 Fifth Avenue, New York City, New York 10017, United States is $75M, dated 2022. Cite this Effy Jewelry's Hematian Family Secures $75M Loan For Mixed-Use Property At 590 Fifth Avenue In Midtown loan when underwriting similar mixed use product around Watervliet, New York.
On the Map
$75,000,000
$750/SF
Mixed-use
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Players
Watervliet 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93