AIG Provides $43M Loan For Apartment Building In Hell's Kitchen
311 W 50th St, New York, NY 10019, USA
$43,000,000
$2,480/SF
Building Size
17,335 SF
Asset Type
Other
Closing
Jul 31, 2019
AI
The Torkian Group has closed a transaction for an apartment building located at 311 West 50th Street in Hell's Kitchen. The property has a loan amount of $43,000,000 and is being financed by AIG. The building is situated in a prime location in the Hell's Kitchen market.
Summary of transaction details
- Property Type: Apartment building
- Transaction Amount: $43,000,000
- Lender: AIG
- Landlord: The Torkian Group
- Broker: Eric Schleif & Carol Shelby @Meridian.Capital.Group
The deal was facilitated by brokers Eric Schleif and Carol Shelby from Meridian Capital Group. They played a key role in representing the parties involved in the transaction, including the landlord, The Torkian Group.
Players
New York Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93