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Michael Beyda Of Benchmark Properties Acquires Office Condo From Nigel Portwood For $40M
SOLD
$40,000,000
New York
See Similar DealsCondo99,730 SF
Sold 11/25/2025
SOLD
Michael Beyda Of Benchmark Properties Acquires Office Condo From Nigel Portwood For $40M
355 5th Avenue
See Similar DealsCondo99,730 SF
Sold 11/25/2025
Summary
NEW YORK
Asset Type:Condo
Price Per Square Foot:$401
Total Square Footage:99,730 SF
Transaction Type:Sale
The transaction involved a condo located at 355 5th Avenue in Murray Hill, Manhattan. The sale was completed for a total price of $40,000,000 for a space of 99,730 square feet, translating to a price per square foot of $401.
Summary of transation details:
- Property Type: Condo
- Transaction Amount: $40,000,000
- Buyer: Michael Beyda - Benchmark Properties
- Seller: Nigel Portwood - Oxford University Press
- Square Footage: 99,730
- Price Per Square Foot: $401
Oxford University Press sold its 165,000-square-foot office condo, which included floors 8–13 of the landmark B. Altman & Company Building, to Benchmark Properties and partner families.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
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