Acres Capital Provides $120M Acquisition Loan For Park Avenue Office Building
45 East 53rd Street
$120,000,000
$923/SF
Building Size
130,000 SF
Asset Type
Office
Closing
Jul 15, 2022
About this deal
AI
Acres Capital provided a loan of $120,000,000 for the acquisition of an office property located at 45 East 53rd Street in the Park Avenue market. The property spans a total of 130,000 square feet.
Summary of transation details
- Property Type: Office
- Transaction Amount: $120,000,000
- Market: Park Avenue
- Address: 45 East 53rd Street
- Lender: Acres Capital
The landlords involved in the deal are Rialto Capital Management and ZG Capital Partners, represented by Bobby Zar and James Tamborlane. The brokers who facilitated the transaction were Dustin Stolly, Jordan Roeschlaub, and Daniel Fromm from Newmark.
On the Map
$120,000,000
$923/SF
Office
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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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93