Silverstein Properties, CBREIM & CALSTRS Secures $450M Loan For Midtown Manhattan Office Building
1177 Avenue of the Americas, Manhattan, New York, NY, USA
$450,000,000
$450/SF
Building Size
1,000,000 SF
Asset Type
Office
Closing
Oct 16, 2021
About this deal
AI
The property involved in the transaction is an office space located at 1177 Avenue Of The Americas in Midtown Manhattan. The property spans approximately 1,000,000 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $450,000,000
- Market: Midtown Manhattan
- Loan Type: Debt Financing
The loan for this transaction was provided by Deutsche Bank and Wells Fargo. The landlord of the property is Silverstein Properties, represented by Larry Silverstein and Tal Kerret. The property is owned jointly by CBREIM and CALSTRS, with Cassandra Lichnock representing them in the deal. The brokers involved in the transaction were Grant Frankel, Gary Phillips, Ken Ziebelman, and Adam Licari, who were represented by Eastdil Secured.
On the Map
$450,000,000
$450/SF
Office
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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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93