AIG Provides $116.1M Loan For Office Building At 55 Broadway In Lower Manhattan
55 Broadway, Manhattan, New York, NY, USA
$116,100,000
$375/SF
Building Size
309,381 SF
Asset Type
Office
Closing
Apr 29, 2021
AI
Located in Lower Manhattan, the office building at 55 Broadway was involved in a recent transaction. On April 30, 2021, an affiliate of AIG provided a loan amounting to $116,100,000 for the property. The landlord for the building is Harbor Group International. The deal was facilitated by Ronnie Levine and Ben Jacobs from the Meridian Capital Group, who represented the parties involved.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $116,100,000
- Address: 55 Broadway
- Market: Lower Manhattan
The loan was acquired from an affiliate of AIG, adding financial support to the property acquisition. Harbor Group International acts as the landlord for 55 Broadway. The Meridian Capital Group, namely Ronnie Levine and Ben Jacobs, played a crucial role as brokers in this transaction.
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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93