Wells Fargo & Citibank Provide $240M Loan For Flatiron District Office Building Acquisition
79 5th Avenue, New York City, New York 10118, United States
$240,000,000
$880/SF
Building Size
272,566 SF
Asset Type
Office
Closing
May 31, 2022
About this deal
AI
Located in the Flatiron District, the office property at 79 Fifth Avenue has been involved in a recent closed transaction. Spanning an impressive 272,566 square feet, this office space offers ample room for businesses to thrive.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $240,000,000
- Address: 79 Fifth Avenue
- Market: Flatiron District
- Lender: Citibank, Wells Fargo, and JPMorgan Chase
- Landlord: Albert Kalimian
The lending institutions involved in the deal include Citibank, Wells Fargo, and JPMorgan Chase. Albert Kalimian, the landlord, played a crucial role in this transaction. These key individuals and companies worked together to facilitate the closed transaction at 79 Fifth Avenue.
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