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89 Bowery, Manhattan, New Y...

Castellan Capital Provides $3.6M Loan For Office Property In Chinatown
FINANCEDOffice

Castellan Capital Provides $3.6M Loan For Office Property In Chinatown

89 Bowery, Manhattan, New York, NY, USA

$3,643,301

$152/SF

Building Size

23,831 SF

Asset Type

Office

Closing

May 27, 2020

AI

An office property located at 89 Bowery in Chinatown, with a total area of 23,831 square feet, was involved in a recent closed transaction. The transaction took place on 05/27/2021 and was captured by Joe Hach in an image posted on Instagram.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: $3,643,301
  • Address: 89 Bowery
  • Market: Chinatown
  • Lender: Castellan Capital
  • Landlord: Steve Cheung
  • Broker: Leviathan Capital - Joe Hach

The property at 89 Bowery was financed through a loan provided by Castellan Capital for an amount of $3,643,301. The landlord of the property is Steve Cheung, and the broker representing the transaction is Joe Hach from Leviathan Capital.

Players

Joseph Hach

Refined

Broker

$149.4M

vol

24 deals

Broker
Leviathan Capital
Leviathan CapitalBrokerage
Castellan Capital
Castellan CapitalLender

Steve Cheung

Landlord

$48.7M

vol

8 deals

Landlord

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

4.35%

Cash-on-Cash

-1.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93