Updated Sep 9, 2024
HB Nitkin Acquires 53 Forest Avenue Office Building In Old Greenwich, CT For $15.5M
53 Forest Avenue Old Greenwich, CT 06870, USA
$15,500,000
$352/SF
Building Size
43,985 SF
Asset Type
Office
Closing
Sep 13, 2023
About this deal
AI
HB Nitkin has acquired 53 Forest Avenue, a 43,985-square-foot office building in Greenwich, Connecticut, for $15.5 million from Collins 53 Forest. The property is located in the market of Old Greenwich, CT.
Summary of transation details
- Property Type: Office
- Transaction Amount: $15,500,000
- Square Footage: 43,985
- Price per Square Foot: $352
- Address: 53 Forest Avenue, Old Greenwich, CT
- Brokers Involved: Daniel Blumenkrantz, Jeffrey Dunne, Steven Bardsley, and Travis Langer from CBRE
The deal was facilitated by CBRE's brokers including Daniel Blumenkrantz, Jeffrey Dunne, Steven Bardsley, and Travis Langer. Their expertise in the market of Old Greenwich, CT, played a crucial role in the successful completion of the transaction. The acquisition of 53 Forest Avenue by HB Nitkin marks a significant investment in the office property market in Greenwich, Connecticut.
Players
Old Greenwich Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93