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Vornado Realty Trust Acquires Retail And Commercial Condo Portion In Manhattan For $442M

Property Image
SOLD
$442,000,000

New York

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Sold 09/24/2018
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Property Image
SOLD

Vornado Realty Trust Acquires Retail And Commercial Condo Portion In Manhattan For $442M

1535 Broadway, New York, NY 10036, USA

See Similar Deals
Sold 09/24/2018
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Transaction Type:Sale

The retail and commercial condo portion located at 1535 Broadway in Manhattan, NY has been sold for a staggering price of $442,000,000. The property was previously owned by Host Hotels & Resorts, with James F. Risoleo representing the seller. The buyer in this transaction was Vornado Realty Trust, with Steven Roth serving as their representative.

Summary of transaction details

  • Property Type: Retail and Commercial Condo Portion
  • Transaction Amount: $442,000,000
  • Seller: Host Hotels & Resorts – James F. Risoleo
  • Buyer: Vornado Realty Trust – Steven Roth
  • Address: 1535 Broadway, Manhattan, NY

This high-profile deal involved two prominent figures in the real estate industry: James F. Risoleo representing Host Hotels & Resorts as the seller, and Steven Roth serving as the buyer's representative for Vornado Realty Trust. The transaction demonstrates the significant investment in the retail and commercial condo portion at 1535 Broadway in Manhattan, NY.

Players

James Risoleo
James Risoleo
9 deals$2.4B volume
SELLER

Details

SOLD
IMAGE: Steven Roth and James F. Risoleo DATE: 09/24/2018 ADDRESS: 1535 Broadway MARKET: Manhattan NY ASSET TYPE: Retail and Commercial Condo Portion SALE PRICE: $442,000,000 SELLER: Host Hotels & Resorts – James F. Risoleo BUYER: Vornado Realty Trust – Steven Roth

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,570,332.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,095,305.50
Annual Debt Service$25,143,665.97