Himmel & Meringoff Properties Refinances Office Properties In Hell's Kitchen With $125M Loan
521 523 West 57th Street
$125,000,000
$555/SF
Building Size
224,998 SF
Asset Type
Office
Closing
Mar 27, 2025
AI
The asset involved in this transaction is an office property located at 521-523 West 57th Street in Hell’s Kitchen, Manhattan, with a total square footage of 224,998. The property was refinanced for a total loan amount of $125,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $125,000,000
- Address: 521-523 West 57th Street
- Market: Hell’s Kitchen, Manhattan
- Lender: Dan Towriss - Delaware Life Insurance Company
- Landlord: Stephen Meringoff & Leslie Wohlman Himmel - Himmel + Meringoff Properties
- Loan Type: Refinance
Himmel + Meringoff Properties successfully executed the refinance of their two office properties in Manhattan, securing the loan from Delaware Life Insurance Company. The individuals involved in this transaction include Dan Towriss, representing the lender, and Stephen Meringoff and Leslie Wohlman Himmel as the landlords representing the properties.
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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93