Meritz Alternative Investment Management Acquires Daily News Building In Midtown East For $790.1M
220 East 42nd Street, New York, NY 10017
$790,100,000
$13,861/SF
Building Size
57,000 SF
Asset Type
Mixed-use
Closing
Jul 22, 2020
About this deal
AI
The mixed-use property located at 220 E. 42nd Street, also known as The Daily News Building, has been sold in a recent transaction in Midtown East. The property features a combination of residential and commercial spaces, and it holds significant value in the market.
Summary of transaction details
- Property Type: Mixed-use
- Sale Price: $790,100,000
- Interest Sold: 49%
- Date: 07/22/2021
- Address: 220 E. 42nd Street AKA The Daily News Building
- Market: Midtown East
The buyer in this transaction is Meritz Alternative Investment Management, while the seller is SLGreen_Realty Corp. The deal was facilitated by brokers Adam Spies, Doug Harmon, Marcella Fasulo, Josh King, and Avery Silverstein from CushWake. Their involvement showcases their expertise in the real estate market.
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
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93