Major Capital Acquires Office/Retail Property On 5th Avenue For $38M
560 5th Avenue
$38,000,000
$2,798/SF
Building Size
13,580 SF
Asset Type
Mixed-use
Closing
Dec 14, 2023
About this deal
AI
The property involved in this transaction is located at 560 5th Avenue in Midtown East, Manhattan. It is an office/retail asset with a total square footage of 13,580. The sale price for this property was $38,000,000, resulting in a price per square foot of $2,798. The building square footage is 38,115, making the price per building square foot $996.
Summary of transaction details
- Property Type: Office/Retail
- Transaction Amount: $38,000,000
- Seller: Riese Organization
- Buyer: Major Capital
- Seller's Rep: Zach Redding & Dylan Kane - Colliers
- Buyer's Rep: Daniel Kaplan & Justin Arzi - CBRE
Zach Redding and Dylan Kane from Colliers represented the seller, Riese Organization, in this transaction. On the buyer's side, Daniel Kaplan and Justin Arzi from CBRE acted as the representatives for Major Capital.
On the Map
$38,000,000
$2,798/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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93