LENY Acquires Property From FCA For $65 Million With Buyer's Rep Carl Schwartz And Douglas Hoffmann
SOLD
$65,000,000
New York
See Similar DealsCommercial
SOLD
LENY Acquires Property From FCA For $65 Million With Buyer's Rep Carl Schwartz And Douglas Hoffmann
611 W 56th St, New York, NY, 10019
See Similar DealsCommercial
Summary
NEW YORK
Asset Type:Commercial
Transaction Type:Sale
The transaction involves the acquisition of a vacant commercial building situated at 611 W 56th St, New York, NY, 10019. The property was sold for $65,000,000.00 and is located in the New York market. The square footage of the building is not specified.
Summary of transaction details:
- Property Type: Commercial Building
- Transaction Amount: $65,000,000.00
- Buyer: LENY
- Seller: FCA
- Buyer's Representative: Carl Schwartz, Douglas Hoffmann - Hunton & Williams LLP
- Note: The joint venture plans to demolish the existing structure and redevelop the site into a 35-story residential condominium building designed by Alvaro Siza.
The deal was supported by the legal advisory team from Hunton & Williams, including Carl Schwartz, Susan Saslow, Douglas Hoffmann, and Michal Baum, who assisted the joint venture in the acquisition process.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,466,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$230,931.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$308,133.16
Annual Debt Service$3,697,597.94
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