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
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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