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Midtown Manhattan Lender LLC Acquires $85M Note Secured By Cohen Brothers Realty At 3 East 54th Street
SOLD
$85,000,000
New York
See Similar DealsNote / Loan
Sold 07/24/2025
SOLD
Midtown Manhattan Lender LLC Acquires $85M Note Secured By Cohen Brothers Realty At 3 East 54th Street
3 East 54th Street
See Similar DealsNote / Loan
Sold 07/24/2025
Summary
NEW YORK
Asset Type:Note / Loan
Transaction Type:Sale
3 East 54th Street is an office building located in the Midtown East market of Manhattan. The asset type involved in this transaction is a note/loan, with a total sale price of $85,000,000. The sale was completed on July 24, 2025, and recorded on July 31, 2025.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $85,000,000
- Buyer: Anonymous
- Seller: Charles S. Cohen - Cohen Brothers Realty
- Address: 3 East 54th Street
- Market: Midtown East, Manhattan
Midtown Manhattan Lender LLC acquired the $85M note from Forethought Life Insurance Company, which is secured by the office building at the specified address. This transaction involved notable stakeholders, including Charles S. Cohen, representing Cohen Brothers Realty as the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,533,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$301,987.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$402,943.36
Annual Debt Service$4,835,320.38
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