Wells Fargo Provides $75M Loan For Office Building At 450-460 Park Avenue South In Manhattan
450 Park Avenue South, New York, NY, USA
$75,000,000
$409/SF
Building Size
183,019 SF
Asset Type
Office
Closing
May 29, 2019
AI
A loan in the amount of $75,000,000 was secured for the office property located at 450–460 Park Avenue South in Manhattan. The property spans 183,019 square feet and is owned by the Moinian Group. The loan was provided by Wells Fargo.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $75,000,000
- Address: 450–460 Park Avenue South
- Market: Manhattan
The deal was facilitated by JLL's Aaron Appel, Kellogg Gaines, Jackson Sastri, and Matt Fagella, who represented the landlord, Moinian Group.
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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93