Severn Realty Partners Sells Mixed-Use Property In Midtown Manhattan For $101M
576 5th Ave, New York, NY, 10036
$101,000,000
$1,285/SF
Building Size
78,564 SF
Asset Type
Mixed-use
Closing
Nov 22, 2023
AI
576 Fifth Avenue, a 78,564-square-foot mixed-use office and retail building in Midtown Manhattan, was recently sold by Severn Realty Partners for $101 million. The property, located in the Diamond District near Rockefeller Center, encompasses three levels of retail space totaling 6,247 square feet and 10 floors of office space.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $101,000,000.00
- Address: 576 5th Ave, New York, NY, 10036
- Market: New York
- Seller's Rep: Zachary Redding(B6 Real Estate Advisors)
- Buyer: Unknown
The sale of 576 Fifth Avenue was facilitated by Paul Massey, Dylan Kane, Daniel O’Mahony, and Christian Kane of B6 Real Estate Advisors, representing Severn Realty Partners on the seller's side. The buyer, a Delaware-based limited liability company, was represented by Daniel Chun and Adelaide Polsinelli of Compass, along with Sharon Kim Robinson of Silver & Oak Realty.
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
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93