Moinian Group Modifies AIG Loan For NoMad Office Building For $147.5M
245 5th Ave New York, Ny 10016
$147,460,167
Building Size
—
Asset Type
Office
Closing
May 4, 2023
About this deal
AI
The property asset involved in this transaction is situated at 245 Fifth Avenue in the NoMad neighborhood of Manhattan. It encompasses 258,639 square feet of office space and has been appraised with a city-designated market value of $111.5 million, generating annual revenue of $21.5 million.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $147,460,167
- Lender: AIG - Jacob Baron
- Landlord: Moinian Group - Joseph Moinian
This transaction reflects a modification of a prior $160 million loan provided by AIG in 2016 for the same office building, which has now been adjusted to a new value of $147.5 million. Joseph Moinian represents Moinian Group in this deal.
On the Map
$147,460,167
Office
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Players
(Old) Ottawa Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93