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2450-2458 Grand Concourse

Signature Bank Refinances Office Building At 2450-2458 Grand Concourse In Bronx For $4.8M
FINANCEDOffice

Signature Bank Refinances Office Building At 2450-2458 Grand Concourse In Bronx For $4.8M

2450-2458 Grand Concourse

$4,800,000

$296/SF

Building Size

16,200 SF

Asset Type

Office

Closing

Aug 5, 2022

AI

The property involved in the transaction is an office located at 2450-2458 Grand Concourse in the Bronx. The office space spans 16,200 square feet.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $4,800,000

The lender for this transaction was Signature Bank, represented by Joseph Fingerman. The landlord, Jem Realty Management, was represented by Alan J. Jemal. The brokers involved in the deal were Carol Shelby and Eric Schleif from the Meridian Capital Group.

This refinance loan was obtained for the property.

Players

Eric Schleif

Meridian Capital Group

Broker

$56M

vol

4 deals

Broker
Signature Bank
Signature BankLender

Bronx Office Market Snapshot

Boundary boundary · Office · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.30%

Cash-on-Cash

-0.94%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93