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.
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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