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29 W 35th St, New York, NY ...

Updated Oct 29, 2024

Roni Mova's United Group Acquires Office Building On 29 West 35th Street In Midtown For $41M
FINANCEDOffice

Roni Mova's United Group Acquires Office Building On 29 West 35th Street In Midtown For $41M

29 W 35th St, New York, NY 10001, USA

$41,000,000

$42/SF

Building Size

955,000 SF

Asset Type

Office

Closing

May 29, 2019

About this deal

AI

The office property located at 29 West 35th Street in Midtown has been involved in a closed transaction. The property spans a total of 95,500 square feet and was purchased for a loan amount of $41,000,000 from @WellsFargo at a rate of 3.8% over a 10-year term. The landlord of the property is Roni Mova, who represents United Group and American Equities. The deal was facilitated by David Hayum and Luke Hingson from Meridian Capital Group.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $41,000,000
  • Loan Terms: 10 Years, 3.8%
  • Property Address: 29 West 35th Street
  • Market: Midtown
  • Square Footage: 95,500
  • Landlord: Roni Mova – United Group, American Equities
  • Lender: @WellsFargo

The deal was successfully closed thanks to the representation of David Hayum and Luke Hingson from Meridian Capital Group, who played a crucial role in the transaction.

Players

Wells Fargo
Wells FargoLender

New York Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Deal FAQ

About $42 per square foot on a published $41M for 955,000 square feet (2019).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.39%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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