Sovereign Partners Acquires Office Building In Flatiron District For $126M
100-104 5th Avenue
$126,000,000
$466/SF
Building Size
270,000 SF
Asset Type
Office
Closing
Oct 3, 2023
About this deal
AI
The office building located at 100-104 5th Avenue in the Flatiron District of Manhattan has been sold for a total price of $126,000,000. The property spans across 26,411 square feet, resulting in a price per square foot of $4,771. The transaction took place on 10/03/2023.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $126,000,000
- Address: 100-104 5th Avenue, Flatiron District, Manhattan
- Square Footage: 26,411
- Market: Flatiron District, Manhattan
The buyer of the property is Sovereign Partners, while the seller is Clarion Partners. The deal was facilitated by Adam Spies, Adam Doneger, Joshua King, Avery Silverstein, Marcella Fasulo, and Monica Brendsel from Newmark acting as brokers.
On the Map
$126,000,000
$466/SF
Office
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Players
Mount Vernon 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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93