Apple Bank For Savings Provides $25 Million Construction Loan For Office Building On Madison Avenue In Midtown East
575 Madison Avenue, New York City, New York 10022, United States
$25,000,000
$62/SF
Building Size
399,613 SF
Asset Type
Office
Closing
Aug 3, 2022
About this deal
AI
A construction loan for the property located at 575 Madison Avenue, in Midtown East, has been secured. The office building covers a total area of 399,613 square feet. The loan was provided by Apple Bank for Savings, with Cynthia Wang representing the lending institution.
Summary of transation details
- Property Type: Office
- Transaction Amount: $25,000,000
- Address: 575 Madison Avenue
- Market: Midtown East
Jonathan Pokoik and Michael L. Steinberg are the landlords of the property. They have successfully secured a construction loan of $25,000,000 from Apple Bank for Savings, facilitated by Cynthia Wang.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93