Brookfield Properties Acquires Office, Retail, Parking Property In Midtown For $275M
55 W 46th St, Manhattan, New York, NY, USA
$275,000,000
$11,458/SF
Building Size
24,000 SF
Asset Type
Mixed-use
Closing
Feb 15, 2021
About this deal
AI
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.
On the Map
$275,000,000
$11,458/SF
Mixed-use
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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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93