WeWork Acquires Retail Property In Manhattan From Ares Management For $850M
424 5th Ave #434, New York, NY 10018, USA
Building Size
667,350 SF
Asset Type
Retail
Closing
Sep 16, 2017
About this deal
AI
The property involved in this closed transaction is a retail asset located at 424-434 5th Avenue in New York, specifically in the Manhattan market. The transaction took place on September 17th, 2017.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $850,000,000
- Square Footage: 667,350
- Price per Square Foot: $1,273
The seller in this transaction was Ares Management, while the buyer consisted of two entities: WeWork and Rhone Group.
Traded’s record for 424 5th Ave #434, New York, NY 10018, USA in New York covers a retail sale from 2017. The building is 667,350 square feet, implying about 0 per square foot on the published price. This page is the New York file for the 424 5th Ave #434, New York, NY 10018, USA retail sold: pricing, party profiles, and other closed retail comps from the same New York sit in the Market section below. Filter that New York retail set by closing date to see what else sold near 424 5th Ave #434, New York, NY 10018, USA around 2017. Cite this WeWork Acquires Retail Property In Manhattan From Ares Management For $850M sale when underwriting similar retail product around New York.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93