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NYC School Construction Authority Acquires Commercial Condo At 42 Trinity Place In Financial District For $104.4M

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SOLD
$104,361,959

New York

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83,776 SF
Sold 04/06/2020
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Property Image
SOLD

NYC School Construction Authority Acquires Commercial Condo At 42 Trinity Place In Financial District For $104.4M

42 Trinity Pl, New York, NY 10006, USA

See Similar Deals
83,776 SF
Sold 04/06/2020
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Price Per Square Foot:$1,245
Total Square Footage:83,776 SF
Transaction Type:Sale

The NYC School Construction Authority has purchased a commercial condo located at 42 Trinity Place in the Financial District. The property spans a total of 83,776 square feet and was sold for a price of $104,361,959, resulting in a price per square foot of $1,246. The seller of the property was Trinity Place Holdings, represented by Matthew Messinger.

Summary of transaction details

  • Property Type: Commercial Condo
  • Transaction Amount: $104,361,959
  • Square Footage: 83,776
  • Price per Square Foot: $1,246
  • Address: 42 Trinity Place
  • Market: Financial District

The NYC School Construction Authority plans to use the commercial condo to build a public elementary school with 476 seats at the base of @77Greenwich. This transaction highlights the involvement of Matthew Messinger from Trinity Place Holdings as the seller's representative in the deal.

Players

NA
NYC School Construction Authority
BUYER
MM
Matthew Messinger
3 deals$323.8M volume
SELLER

Details

SOLD
IMAGE: Matthew Messinger DATE: 04/06/2020 ADDRESS: 42 Trinity Place MARKET: Financial District ASSET TYPE: Commercial Condo BUYER: NYC School Construction Authority SELLER: Trinity Place Holdings – Matthew Messinger PRICE: $104,361,959 SF: 83,776 PPSF: $1,246 NOTE: NYC SCA will complete the build-out of the 476-seat public elementary school at the base of @77Greenwich

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$370,776.01
Cash-on-Cash Return-1.27%
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