United Nations Development Corporation Secures $365 Million Construction Loan From Bank Of New York Mellon
323 East 44th Street & 787 1st Avenue
$365,000,000
$186/SF
Building Size
978,202 SF
Asset Type
Office
Closing
Apr 30, 2025
About this deal
AI
The transaction involves two office properties located at 323 East 44th Street and 787 1st Avenue in the Turtle Bay market of Manhattan, totaling 978,202 square feet. The landlord for the properties is Robert Cole, representing the United Nations Development Corporation, which has taken an aggressive step forward with a focus on renovation and modernization.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $365,000,000
- Lender: Bank of New York Mellon
- Landlord: Robert Cole - United Nations Development Corporation
- Loan Type: Construction
This deal was facilitated by Robert Cole, who leads the United Nations Development Corporation in securing financing for this major renovation project, indicating their commitment to enhancing the operational capacity of the office spaces involved in the 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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93