Benenson Capital Partners Acquires Note / Loan For $51M From Bank Of America At 400 Park Avenue
SOLD
$51,000,000
New York
See Similar DealsNote / Loan250,000 SF
Sold 12/28/2022
SOLD
Benenson Capital Partners Acquires Note / Loan For $51M From Bank Of America At 400 Park Avenue
400 Park Avenue
See Similar DealsNote / Loan250,000 SF
Sold 12/28/2022
Summary
NEW YORK
Asset Type:Note / Loan
Price Per Square Foot:$204
Total Square Footage:250,000 SF
Transaction Type:Sale
The property involved in this transaction is located at 400 Park Avenue in Midtown East. The asset type is a Note / Loan. The property has a total square footage of 250,000 square feet, and the sale price for this transaction was $51,000,000. The price per square foot (PPSF) is $204.
Summary of transaction details
- Property Type: Note / Loan
- Transaction Amount: $51,000,000
- Address: 400 Park Avenue
- Market: Midtown East
The buyer in this transaction is Benenson Capital Partners, while the seller is Bank Of America. The brokers involved in this deal are Adam Spies, Avery Silverstein, and Joshua King from Cushman & Wakefield.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,719,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$181,192.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$241,766.02
Annual Debt Service$2,901,192.23
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