Signature Bank Provides $34M Loan For Office Building At 254 West 54th Street, Midtown West
254 West 54th Street, Manhattan, New York, NY, USA
$34,000,000
$566/SF
Building Size
60,000 SF
Asset Type
Office
Closing
Mar 23, 2021
About this deal
AI
The office located at 254 West 54th Street in Midtown West has been involved in a recent loan transaction. The lender, Signature Bank, provided a loan amount of $34,000,000 for this property. Spanning across 60,000 square feet, this office space has garnered attention in the market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $34,000,000
- Address: 254 West 54th Street
- Market: Midtown West
- Lender: Signature Bank
- Landlord: Allied Partners
- Square Footage: 60,000 SF
In addition to the loan transaction, the deal involved influential individuals such as Eric Hadar and Joseph J DePaolo. Allied Partners, the landlord of the property, played a crucial role in this transaction as well.
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
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93