Shorenstein Properties Secures $350M Loan For 1407 Broadway Office Building In Garment District
1407 Broadway, New York, NY 10018, USA
$350,000,000
$7,748/SF
Building Size
45,170 SF
Asset Type
Office
Closing
Oct 3, 2019
About this deal
AI
The property involved in the transaction is located at 1407 Broadway in the Garment District. The asset type of the property is office, with a loan amount of $350,000,000. The property is owned by Shorenstein Properties and the lender for the transaction is Barclays.
Summary of transation details
- Property Type: Office
- Transaction Amount: $350,000,000
- Address: 1407 Broadway
- Market: Garment District
- Landlord: Shorenstein Properties
- Lender: Barclays
The brokers involved in the deal are Geoff Goldstein, Michael Gigliotti, and Christopher Peck from JLL Capital Markets.
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
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93