SYU Properties Refinances 60,397 SF Office At 247 West 30th Street With $14M Loan From ConnectOne Bank
247 West 30th Street
$14,000,000
$231/SF
Building Size
60,397 SF
Asset Type
Office
Closing
Mar 12, 2026
About this deal
AI
The asset involves a two-unit, 60,397-square-foot office building located at 247 West 30th Street in the Penn Plaza market of Manhattan. This property is now refinanced with a total loan amount of $14,000,000, replacing a prior debt of $22.7 million held by Lone Star Funds.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $14,000,000
- Lender: ConnectOne Bank
- Landlord: SYU Properties
- Loan Type: Refinance
- Date of Transaction: March 12, 2026
ConnectOne Bank provided the financing for SYU Properties, allowing them to refinance their existing debt on the office building at 247 West 30th Street. This transaction replaced the previous financial obligation to Lone Star Funds, marking a significant change in the property's financial structure.
On the Map
$14,000,000
$231/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93