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
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