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53 Forest Avenue Old Greenw...

HB Nitkin Acquires 53 Forest Avenue Office Building In Old Greenwich, CT For $15.5M
SOLDOffice

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

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

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

Steven Bardsley

CBRE

Broker

$1.9B

vol

47 deals

Broker

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