SHVO Official, Bilgili Group, And Serdar Bilgili Acquire Mixed-Use Property On 5th Avenue For $955M
SOLD
$955,000,000
New York
See Similar DealsMixed-use354,000 SF
Sold 09/26/2019
SOLD
SHVO Official, Bilgili Group, And Serdar Bilgili Acquire Mixed-Use Property On 5th Avenue For $955M
711 5th Ave, New York, NY 10022, USA
See Similar DealsMixed-use354,000 SF
Sold 09/26/2019
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$2,697
Total Square Footage:354,000 SF
Transaction Type:Sale
The mixed-use property located at 711 5th Avenue in Midtown has been sold in a closed transaction. The property spans 354,000 square feet and was sold for a price of $955,000,000. This translates to a price per square foot of $2,697.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $955,000,000
- Square Footage: 354,000
- Address: 711 5th Avenue
- Market: Midtown
The buyers in this transaction include @SHVOOfficial, Michael Shvo, and the Bilgili Group represented by Serdar Bilgili. They acquired the property from Nightingale Properties and Wafra Capital Partners. Both the buyers and sellers played important roles in this significant deal.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$50,933,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,392,913.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$4,527,187.22
Annual Debt Service$54,326,246.62
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