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521 523 West 57th Street

Himmel & Meringoff Properties Refinances Office Properties In Hell's Kitchen With $125M Loan
FINANCEDOffice

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

Delaware Life Insurance Company
Delaware Life Insurance CompanyLender
Himmel + Meringoff Properties
Himmel + Meringoff PropertiesLandlord

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