Emerald Creek Capital Provides $43M Loan For Office Property In Gramercy - 44-48 Union Square
44-48 Union Square East, New York, NY, USA
$43,000,000
$612/SF
Building Size
70,201 SF
Asset Type
Office
Closing
Jun 2, 2020
About this deal
AI
Located at 44-48 Union Square in the Gramercy market, this office property spans a total of 70,201 square feet. The transaction, completed on 06/02/2021, involved a loan amount of $43,000,000. Mark Bahiri & Mark Penna shared an image of the property on Instagram.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $43,000,000
- Address: 44-48 Union Square
- Market: Gramercy
- Square Footage: 70,201
The lender in this transaction was Emerald Creek Capital, while the landlord was Reading International.
The office loan at 44-48 Union Square East, New York, NY, USA in New York, New York financed for $43M in 2020. The building is 70,201 square feet, implying about 612 per square foot on the published price. This page is the New York, New York file for the 44-48 Union Square East, 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 44-48 Union Square East, New York, NY, USA around 2020. Published consideration for 44-48 Union Square East, New York, NY, USA is $43M, dated 2020. Cite this Emerald Creek Capital Provides $43M Loan For Office Property In Gramercy - 44-48 Union Square 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
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93