Marx Realty Acquires Office Buildings On Bowery For $48.5M
SOLD
$48,500,000
New York
See Similar DealsMixed-use18,726 SF
Sold 09/04/2018
SOLD
Marx Realty Acquires Office Buildings On Bowery For $48.5M
Bowery, New York, NY, USA
See Similar DealsMixed-use18,726 SF
Sold 09/04/2018
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$2,590
Total Square Footage:18,726 SF
Transaction Type:Sale
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
BUYER
SELLER
SELLER
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,586,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$172,310.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$229,914.74
Annual Debt Service$2,758,976.92
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