American Equity Partners Acquires Office Building In Jersey City For $46M
SOLD
$46,000,000
+ 2
New Jersey
See Similar DealsOffice250,000 SF
Sold 09/13/2023
SOLD
American Equity Partners Acquires Office Building In Jersey City For $46M
135 Greene Street
See Similar DealsOffice250,000 SF
Sold 09/13/2023
+ 2
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$184
Total Square Footage:250,000 SF
Transaction Type:Sale
The property involved in the transaction is an office located at 135 Greene Street in Jersey City. The property spans 250,000 square feet and was sold for a total of $46,000,000, resulting in a price per square foot of $184.
Summary of transation details
- Property Type: Office
- Transaction Amount: $46,000,000
- Address: 135 Greene Street
- Market: Jersey City
American Equity Partners, represented by David Elkouby, acquired the property from Veris Residential. The deal was facilitated by brokers Frank DiTommaso, David Bernhaut, and Andrew Merin from Cushman & Wakefield, along with Jeffrey Dunne from CBRE.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,453,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$163,428.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$218,063.47
Annual Debt Service$2,616,761.62
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