Aareal Capital Refinances Garment District Retail Properties For $88M
218 West 35th Street, New York City, New York 10001, United States
$88,000,000
$335,877/SF
Building Size
262 SF
Asset Type
Retail
Closing
Dec 28, 2022
About this deal
AI
The property involved in the transaction is a retail space located at 218 West 35th Street and 223 West 34th Street in the Garment District. The total square footage of the property is 262,522. The loan transaction took place on December 28, 2022.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $88,000,000
- Lender: Aareal Capital - Asish Thallur & Jeffrey Pascale
- Landlord: Jenel Management - Jack Dushey
The loan was obtained for the purpose of refinancing. Aareal Capital, represented by Asish Thallur and Jeffrey Pascale, provided the loan for the transaction. The landlord of the property is Jenel Management, with Jack Dushey leading the management.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93