Signature Bank Provides $30M Loan For Office Building In Times Square
721 7th Avenue, Manhattan, New York, NY, USA
$30,000,000
$636/SF
Building Size
47,125 SF
Asset Type
Office
Closing
Mar 9, 2021
AI
The office property located at 721 Seventh Avenue in Times Square has been involved in a loan transaction. Signature Bank provided a loan amount of $30,000,000 for this property. The total square footage of the property is 47,125.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $30,000,000
- Address: 721 Seventh Avenue
- Market: Times Square
- Landlord: Jack Cohen - Comjem Associates
In this transaction, Signature Bank acted as the lender for the loan. The landlord of the property is Jack Cohen, representing Comjem Associates.
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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93