Urbana Partners Acquires Office Building In New Canaan, CT For $13.5M
SOLD
$13,500,000
Connecticut
See Similar DealsOffice29,000 SF
Sold 01/25/2022
SOLD
Urbana Partners Acquires Office Building In New Canaan, CT For $13.5M
258 Elm Street, New Canaan, Connecticut 06840, United States
See Similar DealsOffice29,000 SF
Sold 01/25/2022
Summary
CONNECTICUT
Asset Type:Office
Price Per Square Foot:$465
Total Square Footage:29,000 SF
Transaction Type:Sale
The office property located at 258 Elm Street in New Canaan, CT has been sold in a transaction. The property spans across 29,000 square feet and has been sold for a price of $13,500,000, resulting in a price per square foot of $465. The sale took place on January 5, 2022.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $13,500,000
- Address: 258 Elm Street
- Market: New Canaan, CT
The buyer of the property is Urbana Partners, represented by Mariano Weil and Federico Wilensky. On the other hand, TBG/Elm Street LLC, represented by Daniel Steinberg and Matthew Slonim, acted as the seller. The brokers involved in this transaction are Ron Cohen from Besen Partners and John Rotunno from Stan Johnson & Co.
Players
BUYER
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$720,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$47,962.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,996.89
Annual Debt Service$767,962.65
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