Oxford Properties Group Acquires Aalto57 Mixed-Use Property In Manhattan For $277.5M
1065 2nd Ave, New York, NY 10022, USA
Building Size
438,431 SF
Asset Type
Mixed-use
Closing
Nov 28, 2020
About this deal
AI
Aalto57, a mixed-use property located at 1065 Second Avenue in Manhattan, has been sold for a staggering price of $277,500,000. The property features 169 residential units and commercial space that is occupied by Bank of America.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $277,500,000
- Address: 1065 Second Avenue, New York
- Market: Manhattan
The sellers of Aalto57 were the World Wide Group, represented by Victor Elmaleh, and Rose Associates, represented by Amy Rose. On the other hand, the buyer was the Oxford Properties Group, represented by Blake Hutcheson.
It is noteworthy that Oxford Properties Group, a prominent real estate investor, has made this substantial acquisition.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93