Updated Jul 2, 2025
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
$37,100,000
MultiFamily
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New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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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