FINANCEDOffice
Bank Of America Provides $212.1M Acquisition Loan For Office Building In Chelsea
641 6th Avenue, Manhattan, New York, NY, USA
$212,089,000
$936/SF
Building Size
226,536 SF
Asset Type
Office
Closing
Sep 28, 2021
AI
The office building located at 635 & 641 Sixth Avenue in Chelsea has been involved in a recent loan transaction. The property spans a total of 226,536 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $212,089,000
- Market: Chelsea
- Lender: Bank of America
- Landlord: John Grassi - Spear Street Capital
- Loan Type: Acquisition
The loan for this property was provided by Bank of America. The landlord of the property is John Grassi, who represents Spear Street Capital.
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93