Mediterranean Shipping Company Acquires Office Condo At 420 Fifth Avenue In Midtown Manhattan For $25.1M
SOLD
$25,100,000
New York
See Similar DealsMixed-use330,580 SF
Sold 05/30/2019
SOLD
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
See Similar DealsMixed-use330,580 SF
Sold 05/30/2019
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$75
Total Square Footage:330,580 SF
Transaction Type:Sale
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.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,338,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$89,174.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,986.81
Annual Debt Service$1,427,841.67
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