Savanna Acquires Manhattan Office Building From @blackstone For $640M
5 Bryant Park, 1065 6th Ave, New York, NY 10018, USA
$640,000,000
$93/SF
Building Size
6,829,880 SF
Asset Type
Office
Closing
May 22, 2018
About this deal
AI
5 Bryant Park, also known as 1065 Avenue, located in Manhattan's market, was recently sold in a closed transaction. The office building spans 682,988 square feet and was sold for a price of $640,000,000, with a loan amount of $463,000,000. The price per square foot was approximately $937. The seller of this property was Blackstone, while the buyer was Savanna. Deutsche Bank provided the loan for this transaction.
Summary of transaction details
- Property Type: Office Building
- Transaction Amount: $640,000,000
- Loan Amount: $463,000,000
- Square Footage: 682,988 sf
- Price per Square Foot: $937
- Seller: Blackstone (@blackstone)
- Buyer: Savanna
- Lender: Deutsche Bank (@deutschebank)
The key individuals involved in this deal include Jonathan Gray, Stephen A. Schwarzman, Chris Schlank, and Nicholas Bienstock.
On the Map
$640,000,000
$93/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93