Cove Property Group Secures $724.2M Loan For 441 9th Avenue Office Building
441 9th Ave, New York, NY 10001, USA
$724,200,000
$103/SF
Building Size
7,000,000 SF
Asset Type
Office
Closing
Nov 24, 2019
AI
The office property located at 441 9th Avenue in Hudson Yards was involved in a closed transaction. The property spans 700,000 square feet and was sold by Cove Property Group.
Summary of transation details
- Property Type: Office
- Transaction Amount: $724,200,000
- Address: 441 9th Avenue
- Market: Hudson Yards
The transaction was financed by Blackstone Real Estate Debt Strategies, with Katheleen Mccarthy, Jonathan Gray, and Ken Caplan representing the lender. Eastdil Secured, represented by Grant Frankel, was involved as the broker in the deal.
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
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93