Cyrus Sakhai's Sovereign Partners Acquires Office Condo At 100 5th Avenue In Flatiron District For $126.5M
100 5th Avenue
$126,500,000
$564/SF
Building Size
224,260 SF
Asset Type
Office
Closing
Oct 23, 2023
About this deal
AI
Sovereign Partners, through the entity 100 Fifth Owners, LLC, acquired the office condominium unit at 100 Fifth Avenue in Manhattan's Flatiron District for $126.5 million. The property is located in the Flatiron District, one of Manhattan's premier markets. The office unit spans 224,260 square feet, with a price per square foot of $564.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $126,500,000
- Address: 100 5th Avenue, Flatiron District, Manhattan
- Buyer: Cyrus Sakhai - Sovereign Partners
- Seller: Jonathan Gelb - Clarion Partners
Cyrus Sakhai, representing Sovereign Partners, and Jonathan Gelb, representing Clarion Partners, were the key individuals involved in the deal. Sovereign Partners is a prominent buyer in the real estate market, while Jonathan Gelb is a representative of Clarion Partners. This acquisition marks a significant transaction in the Flatiron District, highlighting the continued demand for office space in prime Manhattan locations.
On the Map
$126,500,000
$564/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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93