Zar Property NY Secures $30M Loan For Garment District Office At 349 Fifth Avenue
349 5th Avenue, New York, NY, USA
$30,000,000
$574/SF
Building Size
52,220 SF
Asset Type
Office
Closing
Dec 13, 2020
About this deal
AI
Located in the Garment District, the office property at 349 Fifth Avenue recently underwent a closed transaction. The deal was facilitated by Isaac Filler from Meridian Capital Group, who represented the seller. The transaction involved a total loan amount of $30,000,000 provided by Signature Bank, with Joseph Fingerman from Signature Bank serving as the originator. The landlord of the property is Zar Property NY. This office asset spans 52,220 square feet and features a prime location in the bustling Garment District.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $30,000,000
- Square Footage: 52,220
- Address: 349 Fifth Avenue
- Market: Garment District
Isaac Filler from Meridian Capital Group played a crucial role in brokering this office property transaction. Signature Bank provided the loan of $30,000,000, with Joseph Fingerman acting as the loan originator. Zar Property NY is the owner and landlord of the property. This closed transaction highlights the thriving real estate market in the Garment District.
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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93