Bank Of America Tower Acquired By Bank Of America For $1.6B
Bank of America Tower, New York, NY 10036, USA
$1,600,000,000
$800/SF
Building Size
2,000,001 SF
Asset Type
Mixed-use
Closing
Nov 28, 2020
About this deal
AI
The Bank of America Tower, also known as THE BOAT, is located at One Bryant Park in Midtown Manhattan. It is a mixed-use property with a total space of 2.01 million square feet. The tower is owned by The Durst Organization, a prominent real estate company in New York City.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $1,600,000,000
- Lender: Bank of America
- Landlord: The Durst Organization
- Market: Midtown
- Fun Fact: It is the fifth tallest building in the city.
Bank of America provided a loan amount of $1,600,000,000 for the property. The Durst Organization, as the landlord, oversees the operations and management of the Bank of America Tower. This iconic building stands as a testament to the architectural prowess and economic significance of Midtown Manhattan.
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
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93