New York Community Bank Loans $80M For Office Building In NoMad
218-220 5th Avenue, New York City, New York 10001, United States
$80,000,000
$530/SF
Building Size
150,888 SF
Asset Type
Office
Closing
Oct 16, 2022
About this deal
AI
Laurence Gluck has closed a loan transaction on a property located at 218-220 Fifth Avenue in NoMad. The property is an office space with a total square footage of 150,888. The loan amount for this transaction was $80,000,000. The lender for this loan was New York Community Bank, and the landlord of the property is Stellar Management.
Summary of transation details
- Property Type: Office
- Transaction Amount: $80,000,000
- Address: 218-220 Fifth Avenue, NoMad
- Market: NoMad
- Asset Type: Office
- Square Footage: 150,888
- Lender: New York Community Bank
- Landlord: Stellar Management
This transaction was executed by Laurence Gluck, a representative of Stellar Management, and involved the loan from New York Community Bank. The property at 218-220 Fifth Avenue in NoMad has now been secured with $80,000,000 in financing.
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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93