Newmark Brokers Secure $58.5M Loan For Midtown East Office Building
110 East 42nd Street, New York City, New York 10017, United States
$58,500,000
$274/SF
Building Size
213,000 SF
Asset Type
Office
Closing
Dec 21, 2021
About this deal
AI
The office building located at 110 East 42nd Street in Midtown East has been involved in a recent transaction. The property spans a total of 213,000 square feet and falls within the office asset category.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $58,500,000
- Address: 110 East 42nd Street
- Market: Midtown East
- Lender: Apollo Global Capital
- Landlord: Meadow Partners - Jeff Kaplan
- Brokers: Dustin Stolly, Jordy Roeschlaub, Daniel Fromm, Nick Scribani, and Chris Kramer - Newmark
This transaction involved an acquisition loan, with Apollo Global Capital providing a loan amount of $58,500,000. The property was represented by Newmark brokers Dustin Stolly, Jordy Roeschlaub, Daniel Fromm, Nick Scribani, and Chris Kramer. The landlord, Jeff Kaplan of Meadow Partners, facilitated the deal.
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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93