Hector Cordero-Guzman's Office In Garment District Refinanced With $70M Loan
230 West 41st Street
$70,000,000
$260/SF
Building Size
268,420 SF
Asset Type
Office
Closing
May 13, 2024
About this deal
AI
The asset involved in the transaction is an office building located at 230 West 41st Street in the Garment District of Manhattan, encompassing a total of 268,420 square feet. A refinance loan of $70,000,000 was secured for this property.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $70,000,000
- Address: 230 West 41st Street
- Market: Garment District, Manhattan
- Lender: BankUnited
- Lender's Representative: Laura Ackerman
- Landlord: Hector Cordero-Guzman
- Landlord's Company: Research Foundation of The City University of New York
- Previous Holder: Voya Financial
- Loan Type: Refinance
The deal was orchestrated with Hector Cordero-Guzman representing the Research Foundation of The City University of New York in securing the refinance loan from BankUnited, assisted by Laura Ackerman as the lending representative.
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
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93