Jeff Sutton, Bobby Cayre & Alex Adjmi Secure $10M Loan For 511 5th Ave Office
511 5th Avenue
$10,000,000
$79/SF
Building Size
125,632 SF
Asset Type
Office
Closing
Apr 15, 2024
AI
The office building at 511 5th Avenue in Grand Central, Manhattan, with a total square footage of 125,632, was the subject of a $10 million loan secured by Jeff Sutton's Wharton Properties, Bobby Cayre's Aurora Capital Associates, and Alex Adjmi's ACHS Management from NongHyup Bank.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $10,000,000
- Address: 511 5th Avenue
- Market: Grand Central, Manhattan
- Lender: DAOL Financial Group
- Landlord: Jeff Sutton - Wharton Properties, Bobby Cayre - Aurora Capital Associates, Alex Adjmi - ACHS Management
The loan for this property was secured from NongHyup Bank by Jeff Sutton, Bobby Cayre, and Alex Adjmi, prominent figures in the real estate industry with ties to Wharton Properties, Aurora Capital Associates, and ACHS Management, respectively.
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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93