facebook
Traded Co logo
Submit
Daily limit: 0/10

United Nations Development Corporation Secures $365 Million Construction Loan From Bank Of New York Mellon

Property Image
FINANCED
$365,000,000

New York

See Similar Deals
Office1,956,404 SF
Financed 04/30/2025
the dealplayerscompscontact
Property Image
FINANCED

United Nations Development Corporation Secures $365 Million Construction Loan From Bank Of New York Mellon

323 East 44th Street & 787 1st Avenue

See Similar Deals
Office1,956,404 SF
Financed 04/30/2025
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$186
Total Square Footage:1,956,404 SF
Transaction Type:Loan

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

BM
Bank of New York Mellon
LENDER

Details

FINANCED
IMAGE: Robert Cole DATE: 04/30/2025 ADDRESS: 323 East 44th Street & 787 1st Avenue MARKET: Turtle Bay, Manhattan ASSET TYPE: Office ~ SF: 978,202 LENDER: Bank of New York Mellon (@BNYMellon) LANDLORD: Robert Cole - United Nations Development Corporation LOAN AMOUNT: $365,000,000 LOAN TYPE: Construction NOTE: The United Nations Development Corporation secured a $365 million renovation construction loan from Bank of New York Mellon for two office properties in Manhattan’s Turtle Bay totaling 978,202 square feet.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$365,000,000.00

Monthly NOI$2,433,333.33
Monthly Debt Service$2,307,048.29
Change in Cash Flow$0.00
Refinance Proceeds$0.00