Melkonian Capital Management Acquires Office Condo At 450 West 31st Street For $9.5M
450 W 31st St 12th Floor/Penthouse, New York, NY 10001, USA
$9,500,000
$808/SF
Building Size
11,750 SF
Asset Type
—
Closing
Sep 4, 2018
About this deal
AI
The office condo located at 450 West 31st Street, 12th Floor/Penthouse in the Hudson Yards area of Manhattan has been sold in a closed transaction. The property spans an area of 11,750 square feet.
Summary of transaction details
- Property Type: Office Condo
- Asking Price: $9,900,000
- Sale Price: $9,500,000
- Square Footage: 11,750
- Market: Hudson Yards/Manhattan
- Seller: Studio 450 (@studio450)
- Buyer: Melkonian Capital Management
- Brokers: Michael Rudder, Mike Heller, and Carri Lyon (@cushwake)
The deal was facilitated by the buyer's representatives, Michael Rudder, Mike Heller, and Carri Lyon from Cushman & Wakefield. They successfully negotiated the sale of the property on behalf of Melkonian Capital Management.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.67%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93