Forkosh Development Group Refinances Retail Asset In Nolita, Manhattan With $65M Loan
400 Broome Street New York, New York 10013, USA
$65,000,000
$373/SF
Building Size
173,838 SF
Asset Type
Retail
Closing
Apr 28, 2023
AI
Forkosh Development Group's Coral Broome Street LLC has signed a $65 million refinancing deal with Webster Bank for a 117-unit dorm and rental building at 400 Broome Street in Nolita, Manhattan. The property is a retail space with a total area of 173,838 square feet. The loan was obtained on April 28, 2023, with Webster Bank providing the financing.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $65,000,000
- Address: 400 Broome Street, Nolita, Manhattan
- Lender: Webster Bank - Anthony Viskovich
- Landlord: Forkosh Development Group - Alex Forkosh
The Coral Broome Street LLC, representing Forkosh Development Group, secured the refinancing deal with Webster Bank. Anthony Viskovich from Webster Bank acted as the lender for this transaction. Alex Forkosh, the landlord representing Forkosh Development Group, facilitated the deal for the 117-unit dorm and rental building located at 400 Broome Street in Nolita, Manhattan.
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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93