Goldman Sachs Provides $40M CMBS Refinance Loan For Midtown Retail Property At 44 West 47th Street
44 West 47th Street, New York City, New York 10036, United States
$40,000,000
$2,500/SF
Building Size
16,000 SF
Asset Type
Retail
Closing
Dec 2, 2021
About this deal
AI
A retail property located at 44 West 47th Street in Midtown has recently undergone a closed transaction. The property spans 16,000 square feet and is owned by City's Property Development Corp., represented by Mehmet Gulay and Ki Park. The property was refinanced through a CMBS loan.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $40,000,000
- Address: 44 West 47th Street
- Market: Midtown
- Square Footage: 16,000 SF
The lender involved in this transaction is Goldman Sachs, represented by David Solomon. The loan amount for the CMBS refinance was $40,000,000. Mehmet Gulay and Ki Park, from City's Property Development Corp., acted as the landlords.
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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93