Marcus Partners And Dalan Mgmt Acquire Midtown South Office Property For $54.5M
SOLD
$54,500,000
+ 3
New York
See Similar DealsOffice29,757 SF
Sold 11/29/2020
SOLD
Marcus Partners And Dalan Mgmt Acquire Midtown South Office Property For $54.5M
10 E 33rd St, New York, NY 10016, USA
See Similar DealsOffice29,757 SF
Sold 11/29/2020
+ 3
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,831
Total Square Footage:29,757 SF
Transaction Type:Sale
Located in Midtown South, the office property at 10-12 East 33rd Street in New York has recently been involved in a closed transaction. The property spans 70,000 rsf and was sold for a price of $54,500,000, resulting in a price per square foot of $778.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $54,500,000
- RSF: 70,000
- PPSF: $778
The seller of the property was Dalan Management, while the buyer was a joint venture between Marcus Partners and Dalan Management itself. Leading the deal as the broker was Mo Beler, along with Glenn Tolchin, Anthony Ledesma, and Max Herzog from JLL NY Capital Markets.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,906,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$193,627.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$258,357.80
Annual Debt Service$3,100,293.66
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