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38 East 21st Street

Legion Investment Group And Gindi Capital Secure $335 Million Construction Loan For 38 Gramercy Park East
FINANCEDMultiFamily

Legion Investment Group And Gindi Capital Secure $335 Million Construction Loan For 38 Gramercy Park East

38 East 21st Street

$335,000,000

$2,294/SF

Building Size

145,978 SF

Asset Type

MultiFamily

Closing

Feb 3, 2025

AI

The asset involved in the transaction is a multifamily property located at 38 Gramercy Park East in the Flatiron market. The property spans a total square footage of 145,978 and is associated with a construction loan amounting to $335,000,000.

Summary of transaction details:

This transaction involved key players including the landlord Legion Investment Group and Gindi Capital, who are instrumental in the management and ownership of the property. The deal was brokered by a team from Newmark, showcasing a collaborative effort among several industry professionals in facilitating this significant loan transaction.

Players

Adam Doneger

Newmark

Broker

$50.6B

vol

193 deals

Broker
Avery Silverstein
Verified Badge

Avery Silverstein

Newmark

Broker

$15.1B

vol

65 deals

Broker

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

0.05%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93