Hidrock Properties Secures $32M Loan For Garment District Office Building
35 West 36th Street, New York, NY, USA
$32,000,000
$410/SF
Building Size
77,880 SF
Asset Type
Office
Closing
Mar 25, 2019
AI
An office property located at 35 W 36th St in the Garment District of New York City has recently been involved in a closed transaction. The property, spanning approximately 77,880 square feet, was the subject of a loan deal.
Summary of transation details
- Property Type: Office
- Transaction Amount: $32M
- Address: 35 W 36th St
- Market: Garment District
The loan for this property was provided by Ladder Capital Finance. The borrower is undisclosed, but the landlord of the property is Hidrock Properties. HFF represented the parties involved in the deal, with Steven Klein and Scott Findlay acting as brokers.
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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93