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305 E 46th St, New York, NY...

Sumitomo Mitsui Banking Corp Provides $84M Loan For Office Property At 305 E 46th Street, East Midtown. Landlord Is Shimizu Corporation
FINANCEDOffice

Sumitomo Mitsui Banking Corp Provides $84M Loan For Office Property At 305 E 46th Street, East Midtown. Landlord Is Shimizu Corporation

305 E 46th St, New York, NY 10017, USA, 305 E 46th St, New York, NY 10017, USA, 305 E 46th St, New York, NY 10017, USA & 305 E 46th St, New York, NY 10017, USA

$61,000,000

$10/SF

Building Size

5,797,000 SF

Asset Type

Office

Closing

May 23, 2018

AI

Located at 305 E 46th Street in East Midtown, this office property was recently involved in a closed transaction. The property spans a total of 187,000 square feet and is owned by Shimizu Corporation. The loan for this transaction was provided by Sumitomo Mitsui Banking Corp, totaling $84,000,000.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $84,000,000
  • Address: 305 E 46th Street
  • Market: East Midtown
  • Square Footage: 187,000
  • Lender: Sumitomo Mitsui Banking Corp
  • Landlord: Shimizu Corporation

Takeo Yoshigi & Kazuyuki Inoue were the brokers involved in this deal, representing Shimizu Corporation. They played a crucial role in facilitating the transaction and ensuring a successful outcome.

Players

Bruer Kershner

CBRE

Broker

$492.7M

vol

8 deals

Broker
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking CorporationLender

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

0.26%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93