Michael Sklar Of Ninety-Five Madison Company Secures $23M Loan For Office Building
89 Madison Avenue
$23,000,000
$157/SF
Building Size
146,161 SF
Asset Type
Office
Closing
Feb 14, 2024
About this deal
AI
An office building with a square footage of 146,161 located at 89 Madison Avenue in NoMad, Manhattan was the subject of a $23 million loan transaction. The loan was secured by landlord Michael Sklar, facilitated by lender Eric Goodman of Goodman Capital. The property has been owned by Rita Sklar and her family for decades.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $23,000,000
- Address: 89 Madison Avenue
- Market: NoMad, Manhattan
Michael Sklar, representing Ninety-Five Madison Company, L.P., facilitated an initial $23 million loan with lender Goodman Capital for the office building. The transaction was further facilitated by Madison Avenue Servicing LLC.
On the Map
$23,000,000
$157/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93