Sculptor Capital Management Secures $116.3M Construction Loan For Long Island City Office Building
43-10 23rd Street, Queens, New York 11101, United States
$116,250,000
$769/SF
Building Size
151,180 SF
Asset Type
Office
Closing
Sep 11, 2022
AI
The property involved in this closed transaction is an office space located at 43-10 23rd Street in Long Island City, Queens. The office spans a total of 151,180 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $116,250,000
- Market: Long Island City, Queens
The lender in this transaction was Square Mile Capital Management, represented by Brad Cohen. The loan amount for this deal was $116,250,000, and it was a construction loan. The landlord of the property was Sculptor Capital Management, represented by Steven Orbuch.
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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93