Ziff Brothers Investments Acquires Office Space In Midtown Manhattan
420 5th Ave 5th Fl
$30,578,650
$1,742/SF
Building Size
17,550 SF
Asset Type
Office
Closing
May 29, 2019
About this deal
AI
The sale of an office property at 420 Fifth Ave - 5th Fl in Midtown has been completed. The property, located at a prime address in Midtown, was sold for a total of $27,300,000. The office space spans an area of 33,058 square feet, resulting in a price per square foot of $759.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $27,300,000
The seller of the property is the Witkoff Company, a well-known real estate firm. The buyer, Ziff Brothers Investments, made the purchase through Dirk Ziff. Representing the buyer, Brian Gell, Vice Chairman of CBRE, played a key role in the transaction. On the seller's side, Michael Rudder and Michael Heller from Rudder Property Group acted as the representatives.
Players
Florida City 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
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93