JLL Brokers $90M Loan For Office Portfolio Acquisition In Chelsea
520 W 20th St, New York, NY 10011, USA
$90,000,000
$529/SF
Building Size
170,000 SF
Asset Type
Office
Closing
Mar 12, 2020
AI
The office property located at 520 West 20th Street, along with three additional properties, has been involved in a closed transaction in Chelsea. The property spans 170,000 square feet and was sold for a loan amount of $90,000,000. Safra Bank provided the funding for this deal.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $90,000,000
- Size: 170,000 square feet
- Address: 520 West 20th Street + 3 additional properties
- Market: Chelsea
The brokers involved in this deal were David Sitt and Michael Gigliotti from JLL. They played a crucial role in representing the parties involved in the transaction.
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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93