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Cannon Hill Capital Partners And Global Holdings Acquire Mixed-Use Asset From Invesco For $200 Million

Property Image
SOLD
$200,000,000
Marcella Fasulo
Joshua King
+ 3

New York

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Mixed-use222,222 SF
Sold 02/10/2025
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Property Image
SOLD

Cannon Hill Capital Partners And Global Holdings Acquire Mixed-Use Asset From Invesco For $200 Million

888 Broadway

See Similar Deals
Mixed-use222,222 SF
Sold 02/10/2025
Marcella Fasulo
Joshua King
+ 3
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$900
Total Square Footage:222,222 SF
Transaction Type:Sale

The property asset involved in this transaction is located at 888 Broadway within the Flatiron District. It encompasses a mixed-use development and has a total square footage of 222,222. The sale price of the property was $200,000,000, resulting in a price per square foot of $900.

Summary of transaction details:

This transaction involved Cannon Hill Capital Partners and Global Holdings as the buyers, with Invesco as the seller. The deal was facilitated by a team of brokers from Newmark, comprising Adam Spies, Adam Doneger, Avery Silverstein, Joshua King, Marcella Fasulo, and Meaghan Philbin.

Players

Adam Doneger
189 deals$50B volume(516) 317-7837
BROKER

Avery Silverstein
Newmark
64 deals$14.8B volume(212) 850-5432
BROKER

Adam Spies
Newmark
263 deals$71.8B volume(212) 841-7500
BROKER

Joshua King
Newmark
114 deals$32.5B volume(212) 850-5427
BROKER

Marcella Fasulo
Newmark
93 deals$25.7B volume
BROKER

Meaghan Philbin
Newmark
11 deals$1.9B volume
BROKER

Details

SOLD
IMAGE: Adam Spies, Adam Doneger, Joshua King, Marcella Fasulo, Avery Silverstein & Meaghan Philbin DATE: 02/10/2025 ADDRESS: 888 Broadway MARKET: Flatiron District ASSET TYPE: Mixed-use BUYER: Cannon Hill Capital Partners & Global Holdings SELLER: Invesco (@InvescoUS) BROKERS: Adam Spies, Adam Doneger (@ADoneger), Avery Silverstein (@Avery.Morgan810), Joshua King, Marcella Fasulo (@MMFasulo) & Meaghan Philbin - Newmark (@Newmark) SALE PRICE: $200,000,000 SF: 222,222 ~ PPSF: $900

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$10,666,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$710,557.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$948,102.04
Annual Debt Service$11,377,224.42