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594 Broadway

GFP Refinances 594 Broadway Office Tower In SoHo With $54M Loan From Apple Bank
FINANCEDOffice

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

Paul Talbot

Newmark

Broker

$597.6M

vol

17 deals

Broker
Apple Bank
Apple BankLender

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