Feil Organization Refinances Office Building In Flatiron District With $32M Loan From First Republic Bank
242 Park Avenue South, New York City, New York 10003, United States
$32,000,000
$286/SF
Building Size
111,569 SF
Asset Type
Office
Closing
Sep 28, 2022
About this deal
AI
Located in the Flatiron District, the property at 242 Park Avenue South recently underwent a loan refinance transaction. The office asset spans across 111,569 square feet, showcasing its sizeable space.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $32,000,000
- Address: 242 Park Avenue South
- Market: Flatiron District
- Lender: First Republic Bank - Alan J. Perlowitz
- Landlord: Feil Organization - Jeffrey Feil
First Republic Bank, represented by Alan J. Perlowitz, provided the loan amount of $32,000,000 for the property located at 242 Park Avenue South. The Feil Organization, led by Jeffrey Feil, serves as the landlord for this office asset.
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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93