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488 Seventh Avenue

Updated Jul 2, 2025

Hersel Torkian Of Torkian Group Refinances 488 Seventh Avenue With JPMorgan Chase For $37.1M
FINANCEDMultiFamily

Hersel Torkian Of Torkian Group Refinances 488 Seventh Avenue With JPMorgan Chase For $37.1M

488 Seventh Avenue

$37,100,000

Units

104

Asset Type

MultiFamily

Closing

Jun 17, 2025

About this deal

AI

The property involved is a multifamily asset located at 488 Seventh Avenue in the Garment District of Manhattan. It comprises 104 units and has a total square footage of 88,872 square feet. The recent refinance transaction valued the property at $418 per square foot.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $37,100,000
  • Lender: JPMorgan Chase
  • Landlord: Hersel Torkian - Torkian Group
  • Previous Lender: Flagstar Bank
  • Loan Type: Refinance

Hersel Torkian of Torkian Group completed the refinance of the property, securing a new loan that will replace the existing debt from Flagstar Bank. This transaction enables Torkian Group to restructure their financial obligations related to the asset.

On the Map

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$37,100,000

MultiFamily

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Players

J.P. Morgan Chase
J.P. Morgan ChaseLender

Hersel Torkian

Torkian Group

Landlord

$62.2M

vol

5 deals

Landlord
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New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $356.7K per unit across 104 units on a published $37.1M (2025).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.43%

Cash-on-Cash

-0.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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