SL Green Acquires Office Building From Canada Pension Plan Investment Board For $236M
10 East 53rd Street
$236,000,000
$613/SF
Building Size
385,000 SF
Asset Type
Office
Closing
Apr 17, 2024
About this deal
AI
The office property located at 10 East 53rd St in Midtown East was recently sold in a transaction involving SL Green as the buyer and Canada Pension Plan Investment Board as the seller. The deal was facilitated by Doug Middleton & Alana Bassen of CBRE, with a sale price of $236,000,000 for a total area of 385,000 square feet, translating to a price per square foot of $613.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $236,000,000
- Address: 10 East 53rd St
- Market: Midtown East
- Buyer: SL Green
- Seller: Canada Pension Plan Investment Board
- Brokers: Doug Middleton & Alana Bassen - CBRE
- Square Footage: 385,000
- Price per Square Foot: $613
Doug Middleton and Alana Bassen, representing CBRE, played a crucial role in the transaction, overseeing the deal between SL Green and Canada Pension Plan Investment Board. The involvement of these experienced brokers highlights the significance of their expertise in facilitating major property transactions within the competitive real estate market of Midtown East.
On the Map
$236,000,000
$613/SF
Office
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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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93