JP Morgan Refinances Office Building At 452 5th Ave In Midtown Manhattan For $385M
452 5th Avenue, New York City, New York 10011, United States
$385,000,000
$447/SF
Building Size
860,000 SF
Asset Type
Office
Closing
Jul 7, 2022
About this deal
AI
452 5th Ave is an office property located in Midtown. The property has a total area of 860,000 square feet. The transaction took place on July 8, 2022.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $385,000,000
- Address: 452 5th Ave
- Market: Midtown
- Lender: JP Morgan - Aaron Casden
- Landlord: Property & Building Corp USA
- Brokers: Aaron Appel, Jonathan Schwartz, Keith Kurland, and Adam Schwartz - Walker & Dunlop
The loan was provided by JP Morgan, with Aaron Casden representing the lender. The transaction involved the refinance of the property. Other key individuals and companies involved in the deal include brokers Aaron Appel, Jonathan Schwartz, Keith Kurland, and Adam Schwartz from Walker & Dunlop.
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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93