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80 Pine Street, Manhattan, ...

PGIM Real Estate Provides $38.1M Loan For Office Building On Pine Street
FINANCEDOffice

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

Peter Riguardi

JLL

Broker

$38.2M

vol

17 deals

Broker
Rudin Management Company
Rudin Management CompanyBrokerage
PGIM
PGIM Lender
Michael Rudin

Michael Rudin

Rudin Management Company

Landlord

$2B

vol

22 deals

Landlord
Rudin Management Company
Rudin Management CompanyLandlord

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