Citigroup Sells $193M Loan Package Backed By Ronald Perelman's Upper East Side Properties
27 East 62nd Street, Manhattan, New York, NY, USA
$115,000,000
$45,347/SF
Building Size
2,536 SF
Asset Type
Mixed-use
Closing
Apr 22, 2021
About this deal
AI
Three mixed-use properties located at 27 E. 62nd St., 35 E. 62nd St., and 41 E. 62nd St. in the Upper East Side have been sold in a loan sale transaction. The properties were owned by billionaire Ronald Perelman and were backed by defaulted loans. The sale price for these properties was $115,000,000.
Summary of transation details
- Property Type: Mixed use
- Transaction Amount: $115,000,000
- Seller: Citigroup
- Brokers: Adam Doneger, Avery Silverstein, Adam Spies, Marcella Fasulo & Doug Harmon @CushWake
Citigroup sold the defaulted loans, worth a total of $193 million, at a discount of approximately 40%. The properties include office space for Perelman's investment firm and his private residence. It is worth noting that Ronald Perelman's net worth has significantly decreased from $19 billion to under $4 billion in recent years.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
Loading comparables…
Deal FAQ
Visit Marcella Fasulo to view all their deals.
Browse New York mixed use sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93