Jack Resnick And Sons & Ruben Companies Refinance Office Building At 110 East 59th Street In Manhattan
110 E 59th St, New York, NY 10022, USA
$205,000,000
$335/SF
Building Size
612,000 SF
Asset Type
Office
Closing
Nov 28, 2020
About this deal
AI
The office building located at 110 East 59th Street in Manhattan, NY has recently undergone a refinancing. The property, spanning 612,000 square feet, was refinanced for a total amount of $205 million.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $205 million
- Address: 110 East 59th Street
- Market: Manhattan, NY
- Developer/Landlord: Burton P. Resnick and Ruben Companies
- Lender: MetLife Investment Management
The building, owned by Jack Resnick & Sons and Ruben Companies, is currently undergoing $25 million worth of renovations. Additionally, it is noteworthy that the property is 98% leased, indicating a high level of occupancy.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93