Invesco Acquires Office Condo In Manhattan For $633M
1745 Broadway, New York, NY 10019, USA
Building Size
6,740,000 SF
Asset Type
—
Closing
Apr 10, 2018
AI
The office condo located at 1745 Broadway in Manhattan was sold in a closed transaction for a price of $633,000,000. Spanning across 674,000 square feet, the property was sold at a rate of $939 per square foot.
Summary of transaction details
- Property Type: Office Condo
- Transaction Amount: $633,000,000
- Square Footage: 674,000
- Price per Square Foot: $939
- Address: 1745 Broadway, New York
- Market: Manhattan
Seller representatives in this deal were SL Green, represented by Marc Holliday, Andrew W. Matthias, and buyer representatives were Invesco, represented by Martin L. Flanagan. Ivanhoe Cambridge, represented by Daniel Fournier, also acted as a seller.
Players
New York CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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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