facebook
Traded Co logo
Submit
Daily limit: 0/10

Michael Stern's 111 West 57th Street Penthouse Sold For $53M

Property Image
SOLD
$53,000,000

New York

See Similar Deals
Condo3,535 SF
Sold 10/05/2023
the dealplayerscompscontact
Property Image
SOLD

Michael Stern's 111 West 57th Street Penthouse Sold For $53M

111 West 57th Street

See Similar Deals
Condo3,535 SF
Sold 10/05/2023
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Condo
Price Per Square Foot:$14,992
Total Square Footage:3,535 SF
Transaction Type:Sale

An undisclosed buyer has acquired a penthouse at 111 West 57th Street, a supertall tower on Billionaires' Row, in Midtown Manhattan. The sale price for this Condo property was $53,000,000, with a total square footage of 6,974. The price per square foot was approximately $7,600. The transaction took place on 10/05/2023, and it is believed to have been an all-cash deal.

Summary of transaction details

  • Property Type: Condo
  • Transaction Amount: $53,000,000
  • Address: 111 West 57th Street
  • Market: Midtown Manhattan
  • Square Footage: 6,974
  • Price per Square Foot: $7,600

The seller of the penthouse at 111 West 57th Street was Michael Stern, the developer from JDS Development. The buyer's identity has not been disclosed. This acquisition adds to the prestige of Billionaires' Row and reinforces the allure of luxury properties in Midtown Manhattan.

Details

SOLD
IMAGE: Michael Stern DATE: 10/05/2023 ADDRESS: 111 West 57th Street MARKET: Midtown Manhattan ASSET TYPE: Condo SELLER: Michael Stern - JDS Development (@JDSDevelopmentGroup) SALE PRICE: $53,000,000 SF: 6,974 ~ PPSF: $7,600 NOTE: An undisclosed buyer has acquired a penthouse at 111 West 57th Street, a supertall tower on Billionaires' Row, for $53 million in an apparent all-cash transaction, at a rate of roughly $7,600 per square foot.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,826,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$188,297.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$251,247.04
Annual Debt Service$3,014,964.47