Douglas Durst Of Durst Organization Secures $70M Refinance Loan From Citibank For Office At 655 3rd Avenue
655 3rd Avenue
$70,000,000
$184/SF
Building Size
380,000 SF
Asset Type
Office
Closing
Apr 21, 2025
About this deal
AI
The asset involved in this transaction is an office building located at 655 3rd Avenue in the Murray Hill neighborhood of Manhattan. The building has a square footage of 380,000 and is associated with a refinancing loan of $70,000,000 secured by Dolp 655 Properties II LLC from Citibank.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $70,000,000
- Lender: Citibank
- Landlord: Douglas Durst - Durst Organization
- Closing Date: April 21, 2025
Douglas Durst, representing the Durst Organization, played a significant role in securing the refinancing loan for the property at 655 3rd Avenue, marking a key financial move in the Manhattan office market.
On the Map
$70,000,000
$184/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93