Marx Realty Acquires Office Buildings On Bowery For $48.5M
Bowery, New York, NY, USA
$48,500,000
$2,590/SF
Building Size
18,726 SF
Asset Type
Mixed-use
Closing
Sep 3, 2018
About this deal
AI
The office property located at 135 and 161 Bowery in New York's Lower East Side has been sold in a closed transaction. The property was purchased for a total price of $48,500,000. The sellers of the property include Caspi Development, RWN Real Estate Partners, Artemis Real Estate Partners, and Ultimate Realty (161 Bowery only). The buyer of the property is Marx Realty.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $48,500,000
- Address: 135 and 161 Bowery
- City: New York
- Market: Lower East Side
The deal was facilitated by Avison Young, a brokerage firm representing the parties involved in the transaction, such as James Nelson, Joshua Caspi, Marx Realty's Craig Deitelzweig, and Deborah Harmon. Avison Young played a crucial role in negotiating and finalizing the deal.
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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93