Feil Organization And BLDG Management Secure $65M Rehab Loan From Deutsche Bank For Midtown Conversion
134 West 57th Street & 140 West 57th Street
$65,000,000
$361/SF
Building Size
90,000 SF
Asset Type
Office
Closing
Mar 25, 2025
About this deal
AI
The property involved in the transaction is located at 134-140 West 57th Street in Midtown West, Manhattan. This office asset encompasses 90,000 square feet and is set to undergo conversion into residential units.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $65,000,000
- Lender: Deutsche Bank
- Landlord: Jeffrey Feil - Feil Organization, BLDG Management & Nakash Holdings
- Loan Type: Rehabilitation
The rehabilitation loan secured by the Feil Organization, BLDG Management, and Nakash Holdings aims to transform the existing office building into 47 residential units, demonstrating a shift in the property's intended use.
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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93