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40 West 57th Street, New Yo...

Updated Oct 29, 2024

Wells Fargo Bank Provides $150 Million Loan For LeFrak Organization's Office Building On 40 West 57th Street In Plaza District
FINANCEDOffice

Wells Fargo Bank Provides $150 Million Loan For LeFrak Organization's Office Building On 40 West 57th Street In Plaza District

40 West 57th Street, New York, NY, USA

$150,000,000

$210/SF

Building Size

712,000 SF

Asset Type

Office

Closing

Mar 8, 2021

About this deal

AI

Located at 40 West 57th Street in the Plaza District, this office property spans approximately 712,000 square feet. The transaction took place on March 9, 2021.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $150,000,000
  • Market: Plaza District
  • Lender: Wells Fargo Bank
  • Landlord: LeFrak Organization

Charlie Scharf and Richard LeFrak were involved in this deal. Charlie Scharf represents Wells Fargo Bank as the lender, while Richard LeFrak represents the LeFrak Organization as the landlord.

The office loan at 40 West 57th Street, New York, NY, USA in New York, New York financed for $150M in 2021. The building is 712,000 square feet, implying about 210 per square foot on the published price. LeFrak Organization appears on the loan alongside LeFrak Organization. This page is the New York, New York file for the 40 West 57th Street, New York, NY, USA office financed: pricing, party profiles, and other closed office comps from the same New York sit in the Market section below. Filter that New York office set by closing date to see what else financed near 40 West 57th Street, New York, NY, USA around 2021. Published consideration for 40 West 57th Street, New York, NY, USA is $150M, dated 2021. Cite this Wells Fargo Bank Provides $150 Million Loan For LeFrak Organization's Office Building On 40 West 57th Street In Plaza District loan when underwriting similar office product around New York, New York.

Players

LeFrak Organization
LeFrak OrganizationLandlord

New York Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Deal FAQ

About $210 per square foot on a published $150M for 712,000 square feet (2021).

Visit LeFrak Organization to view all their deals.

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.11%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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