PGIM Real Estate Provides $38.1M Loan For Office Building On Pine Street
80 Pine Street, Manhattan, New York, NY, USA
$38,157,356
$34/SF
Building Size
1,104,184 SF
Asset Type
Office
Closing
Jan 10, 2021
AI
Located at 80 Pine Street in the Financial District, this recently closed transaction involved an office asset. The deal was facilitated by Rudin Management, represented by Eric Rudin, William Rudin, and Michael Rudin. The lending was provided by PGIM Real Estate. The brokers involved in the transaction were Frank Doyle, Alexander Chudnoff, Peter Riguardi, John Wheeler, Eliza Akers, and Kyle Young from JLL. The loan amount for this transaction was $38,157,356, and the total square footage of the property is 1,080,000.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $38,157,356
- Address: 80 Pine Street
- Market: Financial District
Notable individuals involved in this deal include Eric Rudin, William Rudin, and Michael Rudin from Rudin Management, who represented the landlord. The lending was provided by PGIM Real Estate, and the brokers from JLL who facilitated the transaction were Frank Doyle, Alexander Chudnoff, Peter Riguardi, John Wheeler, Eliza Akers, and Kyle Young.
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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93