Morgan Stanley Provides $400M Loan For Office Building At 605 Third Avenue In Murray Hill
605 Third Avenue, Manhattan, New York, NY, USA
$400,000,000
$363/SF
Building Size
1,100,000 SF
Asset Type
Office
Closing
Dec 2, 2020
About this deal
AI
The property involved in this transaction is an office located at 605 Third Avenue in Murray Hill. The transaction took place on December 3, 2020. The property has a total square footage of 1,100,000 and is owned by Fisher Brothers and JP Morgan Asset Management.
Summary of transation details
- Property Type: Office
- Transaction Amount: $400,000,000
- Loan Amount: $400,000,000
- Loan Terms: 10-year
Morgan Stanley provided a loan of $400,000,000 for this transaction. The loan terms are set for a period of 10 years. The landlord representatives for Fisher Brothers and JP Morgan Asset Management were Eastdil Secured - Grant Frankel, Ken Ziebelman, and Ethan Pond.
On the Map
$400,000,000
$363/SF
Office
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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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93