Twobins Capital Represents Okada In $15M Acquisition Loan For Flatiron Office Building At 109-111 W 24th St
109-111 West 24th Street, Manhattan, New York, NY, USA
$15,000,000
$337/SF
Building Size
44,500 SF
Asset Type
Office
Closing
Oct 28, 2021
AI
The property asset involved in the transaction is located at 109-111 West 24th Street in the Flatiron market, consisting of an office space with a total square footage of 44,500. An acquisition loan amounting to $15,000,000 was secured for this property.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $15,000,000
- Lender: G4 Capital Partners
- Lender's Representatives: Jason Behfarin, Robert Palumbo & Chris Goetz
- Landlord: Okada
- Landlord's Representative: Christopher Okada
- Brokers: Jon Bodner & Emanuel Westfried
- Broker Agency: Twobins Capital
The individuals associated with this deal include Jason Behfarin, Robert Palumbo, and Chris Goetz, who represent the lending side, while Christopher Okada serves as the landlord's representative. Jon Bodner and Emanuel Westfried acted as brokers, facilitating the transaction through their agency, Twobins Capital.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93