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Hyundai Motor America Acquires Office In Meatpacking District From Edward Raboy

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SOLD
$25,000,000

New York

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Development Site
Sold 07/18/2023
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Property Image
SOLD

Hyundai Motor America Acquires Office In Meatpacking District From Edward Raboy

51 10th Ave New York, Ny 10014, Usa

See Similar Deals
Development Site
Sold 07/18/2023
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

A commercial office property located at 51 10th Avenue in the Meatpacking District of Manhattan has been sold. The property spans across 6,735 square feet and was sold for a total price of $25,000,000, resulting in a price per square foot of $3,712. The sale was facilitated by brokers Don Yahn, Ian Brooks, and Dan Organ from Cushman & Wakefield.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $25,000,000
  • Address: 51 10th Avenue, Meatpacking District, Manhattan
  • Square Footage: 6,735
  • Price Per Square Foot: $3,712
  • Buyer: Hyundai Motor America
  • Seller: Edward Raboy
  • Broker: Don Yahn, Ian Brooks & Dan Organ - Cushman & Wakefield

Hyundai Motor America acquired the office property located at 51 10th Avenue. The transaction was facilitated by brokers Don Yahn, Ian Brooks, and Dan Organ from Cushman & Wakefield. The deal marks an important milestone for both the buyer and the seller, demonstrating a significant investment in the Meatpacking District.

Players

Ian Brooks
50 deals$431.6M volume(212) 984-8107
BROKER

Don Yahn
Cushman & Wakefield
4 deals$51M volume
BROKER

Daniel (Dan) Organ
Cushman & Wakefield
10 deals$25M volume(212) 841-7720
BROKER

BUYER

Details

SOLD
IMAGE: Ian Brooks, Don Yahn & Dan Organ DATE: 07/18/2023 ADDRESS: 51 10th Avenue MARKET: Meatpacking District, Manhattan ASSET TYPE: Office BUYER: Hyundai Motor America (@HyundaiUSA) SELLER: Edward Raboy BROKER: Don Yahn (@DonYahnUSA), Ian Brooks & Dan Organ - Cushman & Wakefield (@CushWake) SALE PRICE: $25,000,000 SF: 6,735 ~ PPSF: $3,712

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,333,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$88,819.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,512.75
Annual Debt Service$1,422,153.05