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111 West 19th Street

Updated Dec 4, 2024

Citigroup Inc Provides $33M Refinance Loan For Office Building In Chelsea, Manhattan
FINANCEDOffice

Citigroup Inc Provides $33M Refinance Loan For Office Building In Chelsea, Manhattan

111 West 19th Street

$33,000,000

$173/SF

Building Size

189,731 SF

Asset Type

Office

Closing

Dec 21, 2023

About this deal

AI

The loan for the property at 111 West 19th Street in Chelsea, Manhattan has been refinanced. The office space spans 189,731 square feet. The loan amount for the refinance is $33,000,000, provided by Citigroup Inc. The landlord of the property is Steven Kaufman, who represents the Kaufman Organization. Aaron Niedermayer, from JLL, acted as the broker for the transaction.

Summary of transaction details

Aaron Niedermayer from JLL played a crucial role in representing the buyer in this refinancing deal. The involvement of Citigroup Inc as the lender highlights their confidence in the property's value and potential. Steven Kaufman, as the landlord and representative of the Kaufman Organization, will continue to oversee the property's operations and management.

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$33,000,000

$173/SF

Office

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Players

Aaron Niedermayer

JLL

Broker

$3.7B

vol

34 deals

Broker
Kaufman Organization
Kaufman OrganizationBrokerage
Citibank
CitibankLender
Steven Kaufman

Steven Kaufman

Kaufman Organization

Landlord

$78M

vol

6 deals

Landlord
Bilt advertisement

New York Office Market Snapshot

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Deal FAQ

About $173 per square foot on a published $33M for 189,731 square feet (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.48%

Cash-on-Cash

-0.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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