Midtown Equities Acquires Office Building On Broadway In Manhattan For $140M
SOLD
$140,000,000
+ 1
New York
See Similar DealsOffice2,197,025 SF
Sold 05/16/2018
SOLD
Midtown Equities Acquires Office Building On Broadway In Manhattan For $140M
1 Broadway, New York, NY 10004, USA & 1 Broadway, New York, NY 10004, USA
See Similar DealsOffice2,197,025 SF
Sold 05/16/2018
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$63
Total Square Footage:2,197,025 SF
Transaction Type:Sale
An office building located at 1 Broadway in Manhattan, New York has been sold in a closed transaction for $140,000,000. The property spans over 218,000 square feet and was sold at a price of $642 per square foot.
Summary of transaction details
- Property Type: Office Building
- Transaction Amount: $140,000,000
- Address: 1 Broadway, Manhattan, New York
- Market: Manhattan
- SF: 218,000 sf
- PPSF: $642
In this transaction, the seller was a Swiss Trust linked to Dr. Marco Stoffel. Midtown Equities, represented by Joseph Cayre, emerged as the buyer. The deal was facilitated by Cushman & Wakefield, with Adam Spies, Douglas Harmon, Josh King, and Marcella Fasulo representing the brokerage.
Players
BROKERAGE
BUYER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,466,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$497,390.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$663,671.42
Annual Debt Service$7,964,057.10
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