Brookfield Asset Management Acquires Mixed-Use Property In Midtown For $446.5M
SOLD
$446,500,000
+ 1
New York
See Similar DealsMixed-use5,551,250 SF
Sold 02/18/2020
SOLD
Brookfield Asset Management Acquires Mixed-Use Property In Midtown For $446.5M
315 W 33rd St, New York, NY 10001, USA
See Similar DealsMixed-use5,551,250 SF
Sold 02/18/2020
+ 1
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$80
Total Square Footage:5,551,250 SF
Transaction Type:Sale
The mixed-use property located at 315 West 33rd Street in Midtown has been sold for a price of $446,500,000. The property spans over 555,125 square feet, with a price per square foot of $804. It consists of 333 units, with a price per unit of $1,340,840.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $446,500,000
- Square Footage: 555,125
- Price per Square Foot: $804
- Number of Units: 333
- Price per Unit: $1,340,840
- Address: 315 West 33rd Street, Midtown
The buyer of the property is Brookfield Asset Management, with Ric Clark representing the company in the deal. The seller, on the other hand, is SLGreen_Realty, with Andrew Matthias and Marc Holliday being the representatives. The transaction was facilitated by Darcy Stacom from CBRE.
Players
BROKERAGE
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$23,813,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,586,320.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,116,637.79
Annual Debt Service$25,399,653.52
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