Compass Represents Buyer In $101M Mixed-Use Sale On Fifth Avenue
SOLD
$101,000,000
+ 5
New York
See Similar DealsMixed-use57,352 SF
Sold
SOLD
Compass Represents Buyer In $101M Mixed-Use Sale On Fifth Avenue
576 5th Avenue, New York, NY 10036
See Similar DealsMixed-use57,352 SF
Sold
+ 5
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1761
Total Square Footage:57352 SF
Transaction Type:Sale
Severn Realty Partners has completed the sale of a mixed-use property located at 576 Fifth Avenue in Midtown. The transaction took place on July 12, 2021, with a sale price of $101,000,000. The property spans an area of 57,352 square feet, resulting in a price per square foot of $1,761.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $101,000,000
- Address: 576 Fifth Avenue
- Market: Midtown
The buyer's representatives in this transaction were Daniel Chun and Adelaide Polsinelli from Compass, while Paul Massey, Zach Redding, Dylan Kane, Daniel O'Mahony, and Christian Kane from B6 Real Estate represented the seller, Severn Realty Partners. The involvement of these key individuals and companies reflects their roles in facilitating the deal.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,386,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$358,831.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$478,791.53
Annual Debt Service$5,745,498.33
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