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120 5th Avenue

Apple Bank Provides $15.5M Loan For Refinance Of Manhattan Office At 120 5th Avenue
FINANCEDOffice

Apple Bank Provides $15.5M Loan For Refinance Of Manhattan Office At 120 5th Avenue

120 5th Avenue

$15,500,000

$221/SF

Building Size

70,000 SF

Asset Type

Office

Closing

Jan 24, 2024

AI

The property involved in this closed transaction is an office space located at 120 5th Avenue in Manhattan. The property spans a total of 70,000 square feet.

Summary of transaction details:

The loan amount for this transaction is $15,500,000, provided by Apple Bank. The landlord for the property is The Bromley Companies. The brokers involved in the deal are Scott Singer, Jeffrey Moroch, and Dina Wetchler from Avison Young.

Players

Scott Singer

Avison Young

Broker

$1.6B

vol

9 deals

Broker
Apple Bank
Apple BankLender

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

1.02%

Cash-on-Cash

-0.29%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93