Glorious Sun Group Secures $8M Refi Loan For Office Building At 505 Park Avenue, Lenox Hill, Manhattan
505 Park Avenue New York, New York 10022, USA
$8,000,000
$36/SF
Building Size
220,510 SF
Asset Type
Office
Closing
Jun 23, 2023
About this deal
AI
Glorious Sun Group has secured an $8 million refinance loan from Bank of East Asia for the office building located at 505 Park Avenue in Lenox Hill, Manhattan. The property is an office space measuring approximately 220,510 square feet. The transaction took place on June 23, 2023.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,000,000
- Address: 505 Park Avenue
- Market: Lenox Hill, Manhattan
- Lender: Bank of East Asia - George Benakis & Chong Tan
- Landlord: Glorious Sun Group - Yin Chi Jennifer Yeung
The loan was obtained from Bank of East Asia, with George Benakis and Chong Tan representing the lender. Glorious Sun Group, represented by Yin Chi Jennifer Yeung, acted as the landlord in this transaction.
On the Map
$8,000,000
$36/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93