Brookfield Properties Acquires Office, Retail, Parking Property In Midtown For $275M
SOLD
$275,000,000
New York
See Similar DealsMixed-use24,000 SF
Sold
SOLD
Brookfield Properties Acquires Office, Retail, Parking Property In Midtown For $275M
55 W 46th St, Manhattan, New York, NY, USA
See Similar DealsMixed-use24,000 SF
Sold
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$11458
Total Square Footage:24000 SF
Transaction Type:Sale
Brookfield Properties has acquired a property located at 55 W. 46th St. in Midtown. The asset comprises of office, retail, and parking spaces. The transaction was completed on February 16, 2021. The purchase price for the property was $275,000,000, with Brookfield Properties showing an interest of 25%.
Summary of transation details
- Property Type: Office, Retail, Parking
- Transaction Amount: $275,000,000
- Date: 02/16/2021
- Address: 55 W. 46th St.
- Market: Midtown
The deal is said to have been facilitated by Hodges Ward Elliott, with Paul Gillen, Anthony Ledesma, and Kyle van Buitenen representing the brokerage firm. The sale was executed by SL Green Realty to Brookfield Properties. Skidmore, Owings & Merrill served as the architect for the project, while Extell acted as the developer.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$14,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$977,016.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,303,640.30
Annual Debt Service$15,643,683.58
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