Updated Dec 4, 2024
Brett Asnas Of Safehold Inc Secures $20.6 Million Loan For 111-Unit Multifamily In Chelsea
500 West 23rd Street
$20,600,000
Units
111
Asset Type
MultiFamily
Closing
Jul 24, 2024
About this deal
AI
500 West 23rd Street is a multifamily residential building consisting of 111 units located in the Chelsea neighborhood of Manhattan. The asset has secured a loan amounting to $20,600,000, representing its financial backing.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $20,600,000
- Address: 500 West 23rd Street
- Market: Chelsea, Manhattan
- Lender: Kimberly R. Highfield - John Hancock Life Insurance
- Landlord: Brett Asnas - Safehold Inc
The deal was facilitated by Safehold Inc., led by landlord Brett Asnas, who is responsible for the management of the property. The financial transaction involves a significant loan provided by Kimberly R. Highfield representing John Hancock Life Insurance, underscoring the confidence in the residential market within Chelsea.
On the Map
$20,600,000
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
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93