Hakimian Organization Refinances Hell's Kitchen Office Building In Manhattan For $240M With JPMorgan Chase And Citi Real Estate Funding
636 11th Ave, New York, NY 10036, USA
$240,000,000
$363/SF
Building Size
660,000 SF
Asset Type
Office
Closing
Nov 28, 2020
AI
The Hell’s Kitchen office building located at 636 11th Avenue in Manhattan has recently undergone a refinancing transaction. This property spans across 660,000 square feet and has been a subject of interest for investors. The refinance deal involved a loan amounting to $240,000,000.
Summary of transaction details
- Property Type: Office Building
- Transaction Amount: $240,000,000
- Address: 636 11th Avenue, New York
- Market: Manhattan
The landlord of the Hell’s Kitchen office building is the Hakimian Organization, represented by Joe Hakimian. On the other hand, the lender in this refinancing deal includes Jamie Dimon from JPMorgan Chase and Citi Real Estate Funding.
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