Sothebys Acquires Mixed-Use Property On Upper East Side For $100M
SOLD
$100,000,000
New York
See Similar DealsMixed-use76,000 SF
Sold 07/05/2023
SOLD
Sothebys Acquires Mixed-Use Property On Upper East Side For $100M
945 Madison Avenue
See Similar DealsMixed-use76,000 SF
Sold 07/05/2023
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,315
Total Square Footage:76,000 SF
Transaction Type:Sale
945 Madison Avenue, located in the Upper East Side market, has been sold in a closed transaction. The mixed-use property, spanning 76,000 square feet, was purchased by Sothebys from the Whitney Museum. The sale price for this transaction was recorded at $100,000,000, resulting in a price per square foot of $1,316.
Summary of transaction details:
- Property Type: Mixed-Use
- Transaction Amount: $100,000,000
- Address: 945 Madison Avenue
- Market: Upper East Side
- Buyer: Sothebys
- Seller: Whitney Museum
- Brokers: Doug Middleton, Mary Ann Tighe, and Lauren Crowley - CBRE
- Square Footage: 76,000
- Price per Square Foot: $1,316
Doug Middleton, Mary Ann Tighe, and Lauren Crowley from CBRE represented the buyer and seller in this transaction, serving as the brokers involved in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,333,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$355,278.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$474,051.02
Annual Debt Service$5,688,612.21
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