Sioni Group Acquires Office Building In Garment District/Manhattan For $105M
240 W 40th St, New York, NY 10018, USA, 240 W 40th St, New York, NY 10018, USA & 240 W 40th St, New York, NY 10018, USA
Building Size
1,600,000 SF
Asset Type
—
Closing
Jul 10, 2018
About this deal
AI
An office property located at 240 West 40th St in the Garment District/Manhattan market in New York has been sold for a total price of $105,000,000. The property spans 158,632 square feet, resulting in a price per square foot of $661.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $105,000,000
- Address: 240 West 40th St, New York
- Market: Garment District/Manhattan
The seller of the property is JP Morgan, represented by Colliers International as their broker representative. Olmstead Properties is also listed as a seller. The buyer, Sioni Group, is represented by Ray Yadidi. Lenders involved in the deal include Mack, providing a $20.5 million mezzanine loan.
Players
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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