Bank Of America Provides $93M Loan For Office Building At 890 Garrison Avenue In Bronx, Hunts Point
890 Garrison Ave, The Bronx, NY 10474, USA
$93,000,000
$229/SF
Building Size
405,000 SF
Asset Type
Office
Closing
Aug 30, 2019
AI
The office property located at 890 Garrison Avenue in Bronx, Hunts Point has been involved in a closed transaction. The property spans across 405,000 square feet. The lender for this transaction was Bank of America, providing a loan amount of $93,000,000. The landlords involved in this deal are iStar/Safehold and Madison Marquette. The brokers representing this transaction were Michael Rotchford and David Heller from Savills.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $93,000,000
- Square Footage: 405,000
- Lender: Bank of America
- Landlords: iStar/Safehold, Madison Marquette
- Brokers: Savills - Michael Rotchford & David Heller
Additional details regarding this transaction are not available.
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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93