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
$140,000,000
$63/SF
Building Size
17,025 SF
Asset Type
Office
Closing
May 15, 2018
About this deal
AI
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
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93