Mediterranean Shipping Company Acquires Office Condo At 420 Fifth Avenue In Midtown Manhattan For $25.1M
420 5th Ave 4th Fl, New York, NY 10018, USA
$25,100,000
$75/SF
Building Size
330,580 SF
Asset Type
Mixed-use
Closing
May 29, 2019
About this deal
AI
Mike Heller, Steve Witkoff, and Michael Rudder were involved in a closed property transaction at 420 Fifth Avenue, 4th Fl in Midtown/Manhattan. The property in question is an office condo, spanning 33,058 square feet.
Summary of transaction details:
- Property Type: Office condo
- Asking Price: $30,578,650
- Sale Price: $25,100,000
- Square Footage: 33,058
- Price per Square Foot: $759
The seller of the office condo was Witkoff, while the buyer was Mediterranean Shipping Company, represented by Fabio Santucci. The deal was facilitated by brokers Diego Rodinó di Miglione from Cushman & Wakefield and Michael Rudder. Mike Heller was also part of the transaction.
On the Map
$25,100,000
$75/SF
Mixed-use
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Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Deal FAQ
About $75 per square foot on a published $25.1M for 330,580 square feet (2019).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93