New York Community Bank Provides $26.4M Refinance Loan For Garment District Office Building
248 West 35th Street, New York City, New York 10001, United States
$26,425,000
$197/SF
Building Size
133,948 SF
Asset Type
Office
Closing
Sep 12, 2022
AI
The property involved in this closed transaction is an office located at 248 West 35th Street in the Garment District. The property spans a total of 133,948 square feet. The transaction took place on September 13, 2022, and involved a refinance loan.
Summary of transaction details
- Property Type: Office
- Address: 248 West 35th Street
- Market: Garment District
- Square Footage: 133,948
- Loan Amount: $26,425,000
- Lender: New York Community Bank - Alan L. Kaufman
- Landlord: Albert Srour
The loan for this transaction was provided by New York Community Bank, with Alan L. Kaufman representing the bank as the loan officer. The landlord in this deal is Albert Srour.
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
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93