Benjamin Partners Secures $11 Million Refinance Loan From M&T Bank For 589 Broadway Office
589 Broadway
$11,000,000
$471/SF
Building Size
23,336 SF
Asset Type
Office
Closing
Jul 29, 2026
AI
The property asset involved in this transaction is an office building located at 589 Broadway in SoHo, Manhattan. The building features a square footage of 23,336 and a building size of 50,400 square feet, refinanced with an $11 million loan.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $11,000,000
- Loan Type: Refinance
- Lender: M&T Bank
- Landlord: Benjamin Partners
- Entity: 589 Associates LLC
- Loan Date: 07/29/2026
This transaction involved Benjamin Partners, who refinanced the office building. The financing was facilitated by M&T Bank, providing the mortgage for the asset through the entity 589 Associates LLC.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93