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New York City Economic Development Corp Provides $34M Loan For Harlem Office Building

Property Image
FINANCED
$34,000,000

New York

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Office42,000 SF
Financed 09/17/2019
the dealdetailscomps
Property Image
FINANCED

New York City Economic Development Corp Provides $34M Loan For Harlem Office Building

114 W 125th St, New York, NY 10027, USA

See Similar Deals
Office42,000 SF
Financed 09/17/2019

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$809
Total Square Footage:42,000 SF
Transaction Type:Loan

The office property located at 114 West 125th Street in Harlem has recently been involved in a closed transaction. The property, with a total area of 42,000 square feet, was handled by the lender, New York City Economic Development Corporation. The Children's Aid Society, represented by Phoebe Boyer, served as the landlord in this deal.

Summary of Transaction Details

  • Property Type: Office
  • Transaction Amount: $34,000,000
  • Address: 114 West 125th Street, Harlem
  • Market: Harlem
  • Landlord: Children's Aid Society - Phoebe Boyer
  • Lender: New York City Economic Development Corporation
  • Square Footage: 42,000

This transaction involved the collaboration of key individuals and companies. The lender, New York City Economic Development Corporation, provided a loan amount of $34,000,000 for the deal. On the other side, the Children's Aid Society, with Phoebe Boyer as their representative, acted as the landlord in the transaction. This closed deal demonstrates the active and dynamic real estate market in Harlem.

Details

FINANCED
IMAGE: Phoebe Boyer DATE: 09/17/2019 ADDRESS: 114 West 125th Street MARKET: Harlem ASSET TYPE: Office LENDER: New York City Economic Development Corporation LANDLORD: Children’s Aid Society – Phoebe Boyer LOAN AMOUNT: $34,000,000 SF: 42,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$34,000,000.00

Monthly NOI$226,666.67
Monthly Debt Service$214,903.13
Change in Cash Flow$0.00
Refinance Proceeds$0.00