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
About this deal
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.
The office loan at 641 6th Avenue, Manhattan, New York, NY, USA in New York, New York financed for $212.1M in 2021. The building is 226,536 square feet, implying about 936 per square foot on the published price. Named participants on the 641 6th Avenue, Manhattan, New York, NY, USA loan are John Grassi. This page is the New York, New York file for the 641 6th Avenue, Manhattan, New York, NY, USA office financed: pricing, party profiles, and other closed office comps from the same New York sit in the Market section below. Filter that New York office set by closing date to see what else financed near 641 6th Avenue, Manhattan, New York, NY, USA around 2021. Published consideration for 641 6th Avenue, Manhattan, New York, NY, USA is $212.1M, dated 2021. Cite this Bank Of America Provides $212.1M Acquisition Loan For Office Building In Chelsea loan when underwriting similar office product around New York, New York.
Players
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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