Build NYC Resource Corporation Provides $43M Acquisition Loan For Office Condo At 40 Rector Street In Financial District
40 Rector Street, Manhattan, New York, NY, USA
$43,000,000
$1,761/SF
Building Size
24,412 SF
Asset Type
Office
Closing
Feb 18, 2021
About this deal
AI
An office condo located at 40 Rector Street in the Financial District has recently undergone a closed transaction. The property, spanning 24,412 square feet, was acquired through an acquisition loan. The loan amount secured for this transaction was $43,000,000. The office condo is owned by the Union of Orthodox Jewish Congregations, with Mark Bane acting as the representative for the landlord.
Summary of transaction details:
- Property Type: Office condo
- Transaction Amount: $43,000,000
- Square Footage: 24,412
- Address: 40 Rector Street
- Market: Financial District
Representing the lender in this transaction was the Build NYC Resource Corporation. Mark Bane, from the Union of Orthodox Jewish Congregations, served as the landlord's representative in the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93