Rockrose Development Acquires Rental Property At 555 West 38th Street In Midtown Manhattan For $255M
555 W 38th St, New York, NY 10018, USA
$255,000,000
$11,473/SF
Building Size
22,225 SF
Asset Type
Other
Closing
Nov 29, 2020
AI
The rental property located at 555 West 38th Street in Midtown has been involved in a closed transaction. The property is owned by Rockrose Development, specifically Henry Elghanayan & Justin Elghanayan. The loan for this transaction was provided by Wells Fargo for a total amount of $255,000,000.
Summary of transaction details:
- Property Type: Rental
- Transaction Amount: $255,000,000
- Address: 555 West 38th Street
- Market: Midtown
- Landlord: Rockrose Development - Henry Elghanayan & Justin Elghanayan
- Lender: Wells Fargo
The involvement of Rockrose Development, Henry Elghanayan, Justin Elghanayan, and Wells Fargo in this transaction highlights the key individuals and companies behind the deal. The property's location in Midtown and the substantial loan amount contribute to the significance of this transaction.
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93