GFP Real Estate & Steinberg & Pokoik Management Secure $28M Refinancing Loan For 1430 Broadway Office Building
1430 Broadway
$28,000,000
$76/SF
Building Size
364,000 SF
Asset Type
Office
Closing
Mar 30, 2023
About this deal
AI
GFP Real Estate and Steinberg & Pokoik Management have secured a $28 million refinancing loan from Apple Bank for Savings for the office building at 1430 Broadway in the Garment District, Manhattan. The building, spanning a total of 364,000 square feet, is located in a prime location in the Garment District, known for its thriving fashion and textile industries. The property is situated on Broadway, one of the major thoroughfares in Manhattan, offering excellent visibility and accessibility.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $28,000,000
- Address: 1430 Broadway, Garment District, Manhattan
- Market: Garment District, Manhattan
- Square Footage: 364,000
The loan was facilitated by Cynthia Wang, representing Apple Bank for Savings, and it was closed on March 30, 2023. The prior lender for the property was Principal Life Insurance Company, which held debt with an original loan amount of $35 million. The successful refinancing of the property will provide GFP Real Estate and Steinberg & Pokoik Management with improved terms and potentially lower interest rates, which can contribute to their overall financial stability and growth strategy.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93