Blue Sky Developers Secures $102 Million Refinance Loan For Office To Residential Conversion In Hell's Kitchen
311 West 43rd Street
$102,000,000
Building Size
—
Asset Type
Office
Closing
Jun 17, 2026
About this deal
AI
The asset involved in this transaction is an office to residential conversion located at 311 West 43rd Street in Hell's Kitchen, Manhattan. The loan amount secured for this property is $102,000,000, and it is categorized as a refinance loan.
Summary of transation details:
- Property Type: Office to Residential Conversion
- Transaction Amount: $102,000,000
- Lender: Shawn Safdie & Matan Kurman - S3 Capital
- Landlord: Blue Sky Developers
- Landlord's Representative: Morris Betesh, Israel Mermelstein, Jack McPhail & Joseph Kean - Arrow Real Estate Advisors
- Loan Type: Refinance
This transaction was facilitated by the lender, Shawn Safdie and Matan Kurman who represent S3 Capital, and involved key representatives from Arrow Real Estate Advisors including Morris Betesh, Israel Mermelstein, Jack McPhail, and Joseph Kean, who acted on behalf of the landlord, Blue Sky Developers.
On the Map
$102,000,000
Office
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Players
Market 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
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93