Apple Bank Refinances Office Buildings On Fifth Avenue And Sixth Avenue In Midtown Manhattan For $93M
565 Fifth Avenue, Manhattan, New York, NY, USA
$93,016,877
$5,146/SF
Building Size
18,075 SF
Asset Type
Office
Closing
Oct 12, 2021
About this deal
AI
An office property located at 565 Fifth Avenue and 1212 Sixth Avenue in Midtown has recently undergone a refinancing transaction. The property is owned by Stawski Partners and features a loan provided by Apple Bank. The loan amount for this transaction is $93,016,877.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $93,016,877
- Address: 565 Fifth Avenue & 1212 Sixth Avenue
- Market: Midtown
The loan was obtained to refinance the office property. Stawski Partners, the landlord, was involved in the transaction as well. The deal was finalized on 10/12/2021.
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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93