Signature Bank Refinances Office Building At 777 Third Avenue, Midtown East For $155M
805 3rd Ave, New York, NY 10022, USA
$275,000,000
$46/SF
Building Size
5,975,530 SF
Asset Type
Office
Closing
Nov 7, 2019
AI
The property involved in this transaction is an office building located at 777 Third Avenue in Midtown East, Manhattan. The building spans a total square footage of 563,420. The transaction took place on November 18, 2022.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $155,000,000
- Address: 777 Third Avenue
- Market: Midtown East, Manhattan
- Lender: Signature Bank - Michael Riegler
- Landlord: William Kaufman Organization - Jonathan Iger
- Loan Type: Refinance
The lender in this transaction was Signature Bank, represented by Michael Riegler. The landlord, on the other hand, was the William Kaufman Organization, with Jonathan Iger representing them. The loan amount for the refinance was $155,000,000.
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93