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57 West 57th Street, Manhat...

Updated Oct 28, 2024

John Hancock Life Insurance Company Provides $55M Refinance Loan For Office Building On 57 West 57th Street In Midtown
FINANCEDOffice

John Hancock Life Insurance Company Provides $55M Refinance Loan For Office Building On 57 West 57th Street In Midtown

57 West 57th Street, Manhattan, New York, NY, USA

$55,000,000

$382/SF

Building Size

143,914 SF

Asset Type

Office

Closing

Oct 6, 2021

About this deal

AI

The property involved in this transaction is an office located at 57 West 57th Street in Midtown. It spans a total area of 143,914 square feet.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: $55,000,000
  • Address: 57 West 57th Street
  • Market: Midtown
  • Landlord: Jerome Cohen Family

The lender in this loan transaction is John Hancock Life Insurance Company. The loan amount for this refinance is $55,000,000.

The office loan at 57 West 57th Street, Manhattan, New York, NY, USA in New York, New York financed for $55M in 2021. The building is 143,914 square feet, implying about 382 per square foot on the published price. This page is the New York, New York file for the 57 West 57th Street, Manhattan, New York, NY, USA office financed: pricing, party profiles, and other closed office comps from the same New York sit in the Market section below. Filter that New York office set by closing date to see what else financed near 57 West 57th Street, Manhattan, New York, NY, USA around 2021. Published consideration for 57 West 57th Street, Manhattan, New York, NY, USA is $55M, dated 2021. Cite this John Hancock Life Insurance Company Provides $55M Refinance Loan For Office Building On 57 West 57th Street In Midtown loan when underwriting similar office product around New York, New York.

Players

New York Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Deal FAQ

About $382 per square foot on a published $55M for 143,914 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.29%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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