M&T Bank Provides $9.5M Loan For Retail Condo At 425 Fifth Avenue, Midtown South
425 5th Avenue, Manhattan, New York, NY, USA
$9,500,000
$511/SF
Building Size
18,561 SF
Asset Type
Retail
Closing
May 10, 2020
About this deal
AI
A retail condo located at 425 Fifth Avenue in Midtown South has been involved in a recent transaction. The property spans 18,561 square feet and is owned by @RFRRealty. The transaction took place on 5/10/2021 and was facilitated by M&T Bank, who provided a loan amount of $9,500,000. The property is situated in a prime market location, offering potential for a thriving retail business.
Summary of transaction details
- Property Type: Retail Condo
- Transaction Amount: $9,500,000
- Address: 425 Fifth Avenue
- Market: Midtown South
- Landlord: @RFRRealty
- Square Footage: 18,561 SF
The loan for this transaction was provided by M&T Bank, demonstrating their confidence in the potential of the retail condo. The property's landlord, @RFRRealty, played a significant role in facilitating the deal. This transaction further solidifies the attractiveness and investment opportunities in the Midtown South market.
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
1.67%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93