GFP Refinances 594 Broadway Office Tower In SoHo With $54M Loan From Apple Bank
594 Broadway
$54,000,000
Building Size
—
Asset Type
Office
Closing
Apr 8, 2024
AI
The property involved in the transaction is 594 Broadway, located in SoHo, Manhattan. It is a 12-story office tower. The loan amount for this transaction was $54,000,000. The lender for this refinance loan was Apple Bank, with Cynthia Wang and Howard Hsu handling the loan. The landlord of the property is Jeff Gural, representing GFP Real Estate. The brokers involved in this deal were Neith Stone from GFP Real Estate and Paul Talbot from Newmark.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $54,000,000
- Address: 594 Broadway
- Market: SoHo, Manhattan
GFP Real Estate, LLC successfully closed a $54 million loan from Apple Bank to refinance the 12-story office tower at 594 Broadway in SoHo. The key individuals behind this deal include Neith Stone from GFP Real Estate and Paul Talbot from Newmark, who served as the brokers facilitating the transaction.
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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93