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1745 Broadway, New York, NY...

Invesco Acquires Office Condo In Manhattan For $633M
SOLD

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