CIM Group Acquires Residential Condos In Manhattan For $350M
88 Lexington Avenue, Manhattan, New York, NY, USA
$350,000,000
Building Size
—
Asset Type
—
Closing
Feb 3, 2021
About this deal
AI
A residential condo portfolio in Manhattan has recently been sold for a staggering $350,000,000. The properties included in this transaction are located at 88 & 90 Lexington Avenue, 235 West 75th Street, and 301 West 53rd Street. The sale was completed on February 4, 2021, and the buyer of these properties is CIM Group. The seller of the portfolio is HFZ Capital Group. The asset type involved in this transaction is residential condos.
Summary of Transaction Details
- Property Type: Residential condos
- Transaction Amount: $350,000,000
- Address: 88 & 90 Lexington Avenue, 235 West 75th Street, 301 West 53rd Street
- Market: Manhattan
- Buyer: CIM Group
- Seller: HFZ Capital Group
The deal was facilitated by several brokers from Newmark, including Brock Cannon, Evan Layne, Brett Siegel, Dustin Stolly, and Jordan Roeschlaub. These individuals played a key role in ensuring the successful completion of this transaction.
On the Map
$350,000,000
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93